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Need outpaces supply for affordable senior housing
BASTROP — Sometime in the first quarter of 2027, Bastrop could have 52 new senior age-restricted, income- based apartments.
While the city is eager to support the development, officials admit it isn’t nearly enough.
“I think it’s a worthwhile project. I think it’s a start to get somewhere. We’ve got some serious work to do if we’re really going to be marching down a path to where we really want to help our seniors,” said City Manager Sylvia Carrillo- Trevino.
Plans for the development, called Pine Creek Senior Apartments, list 32 one-bedroom apartments with rent ranging from $650 to $1,359 and 20 two-bedroom apartments priced at $775 to $1,626 per month.
Pricing is based on the area’s median income, or AMI, with the majority of units reserved for people at least 55 years old making 60% of the AMI. A few units would be set aside for people making as little as 50% and 30% of the AMI. For a one-person household, 30% of the AMI would be $26,460.
The development, located on Lovers Lane south of Texas 71, has applied for low-income housing tax credits through a program from the Texas Department of Housing and Consumer Affairs. The developer, Elizabeth Property Group, appeared at City Hall Feb. 12 to request a Resolution of Support from the city to help with its application. The resolution was approved.
“We’re actually the highest- ranked and most competitive site in our region, so if we receive this resolution of support, we would be the number one-ranked project in our region and would get the allocation accordingly, assuming we meet all the other thresholds,” said Tisha Vaidya, a principal with EPG.
A resolution of support shows the state that the city is supportive of having the development, but is not an approval of the project. The developer would still need to go through the Bastrop’s planning and approval process.
Vaidya said that a demographics report showed only 330 low-income housing tax credit units have been developed to date in the city.
“Pine Creek Senior Apartments would help address the housing needs of long-standing city residents who are at risk of being priced out of the area,” she said.
The TDHCA tax credit development is a program that encourages developers to restrict the income levels of residents and the corresponding rents that they pay, in exchange for federal tax credits, which are sold and used as equity in the project.
“Without this equity, the project cost would be too expensive to justify the rent levels and construction quality,” a city report reads. “Tax credit developments are not the same as subsidized housing. Residents typically pay the full rent burden themselves.”
In addition to the resolution letter, the city authorized Carrillo-Trevino to give a $250 reduction in building review and inspection fees for the development.
“The entire Social Security of someone who has enough credits but didn’t earn a high wage while they were in the working population is still at about $12,000 to $14,000 in Social Security monthly,” said Carrillo-Trevino. “They are super struggling.”
EPG hopes to break ground in early 2026 if they receive the tax credit award from TDHCA.
“We’ve got some serious work to do if we’re really going to be marching down a path to where we really want to help our seniors.”
— City Manager Sylvia Carrillo-Trevino.
