DEPARTMENT: Neighborhood & Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: Extra Territorial Jurisdiction
SUBJECT:
Consideration of a Resolution of No Objection for Cohen-Esrey Development Group's application to the Texas Department of Housing and Community Affairs for the Non-Competitive 4% Housing Tax Credits program.
SUMMARY:
Cohen-Esrey Development Group is seeking a Resolution of No Objection for its application to the Texas Department of Housing and Community Affairs for the Non-Competitive 4% Housing Tax Credits program for the development of Loma Vista Lofts, a 196-unit affordable multi-family rental housing development located at 363 North General McMullen Drive in Council District 5.
BACKGROUND INFORMATION:
The Texas Department of Housing and Community Affairs' (TDHCA) Housing Tax Credit (HTC) program is one of the primary means of directing private capital toward the development and preservation of affordable rental housing for low-income households in the state of Texas. Housing Tax Credits are awarded to eligible participants to offset a portion of their federal tax liability in exchange for the production or preservation of affordable rental housing.
The TDHCA administers two HTC programs: a Competitive 9% and Non-Competitive 4%. This application is for the Non-Competitive 4% HTC program which is available year-round unlike the Competitive 9% HTC program which has a single annual application period. The Competitive 9% HTC program assigns points based on the type of resolution provided by a municipality (Resolution of Support versus a Resolution of No Objection), but the Non-Competitive 4% Housing Tax Credit only require that a Resolution of No Objection be submitted to satisfy requirements of ?11.204(4)(C) of the TDHCA's Uniform Multifamily Rules.
In order to qualify to receive a Resolution of No Objection, the application must earn at least 60 out of 100 points from the City's sco...
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