by JEN BIUNDO

Local officials helped developer Mark Musemeche (white shirt, center), cut the ribbon on Tuscany Park, a new Buda apartment complex. (Courtesy photo)

Last Tuesday, city and state officials helped cut the ribbon on Tuscany Park, Buda’s newest apartment complex, located just east of IH-35 on Overpass Road in the Sunfield development.

Until last year, Buda and Kyle had just one apartment complex between them. But a flurry of new construction has put nearly 1,500 apartment units in the pipeline in six different complexes.

Demand for affordable apartments is high, local realtors say. So far, 55 percent of the 176 units at Tuscany Park already are occupied and the remaining 65 percent are preleased.

Ninety-seven percent of the development’s 176 units are reserved for households making no more than 60 percent of the area’s median family income. Under this formula, a family of four making a total gross household income of $43,980 or less per year would qualify. The complex is reserving 18 units for households with special needs or disabilities.

“This project secures lower-cost housing for those who truly need it,” said Michael Gerber, Executive Director of Texas Department of Housing and Community Affairs.

The owner and developer, Mark Musemeche of MGroup Holdings, Inc. of Houston, applied for and received $1.3 million annually in tax credits through the efforts and approval of TDHCA.

Additional financial partners include Boston Financial and Wachovia Bank.

Amenities at Tuscany Park include a resort-style swimming pool, fitness center, business center, community event center with coffee bar and game room, outdoor grilling area, and childrens’ playscape.

Monthly rental rates for units designated as affordable are determined on a sliding scale depending on income and family size. Rents start at $699 for a one-bedroom unit and go up to $978 for three- bedroom units.

MGroup Holdings, Inc. of Houston is also developing The Huntington, a 120-unit apartment complex that will provide housing to senior citizens. The Huntington is slated to break ground this month in the Sunfield development east of Buda.

But not all proposed rental developments are surviving Broadstone at Buda, a 364-unit complex proposed for development on 19 acres near Cabela’s, has been pulled off the table by developers Alliance Communities.