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File #: 15-1188   
Type: Resolution
In control: City Council A Session
On agenda: 2/12/2015
Posting Language: A Resolution of No Objection for the Palo Alto Apartments project’s application to the State's 4% Tax Credit Program. [Peter Zanoni, Deputy City Manager; John Dugan, Director, Planning and Community Development]
Attachments: 1. Palo Alto Apartment Location Map, 2. Draft Resolution of No Objection, 3. Resolution 2015-02-12-0008R.pdf
Related files: 15-2310
DEPARTMENT: Department of Planning & Community Development


DEPARTMENT HEAD: John M. Dugan, Director


COUNCIL DISTRICTS IMPACTED: Council District 4


SUBJECT:

Resolution of No Objection for Palo Alto Apartments


SUMMARY:
A Resolution of No Objection for the Palo Alto Apartments project's application to the State of Texas 4% Tax Credit Program for an approximately $39.3 million multi-family rental housing development, located on the southwest corner of Loop 410 and Highway 16.


BACKGROUND INFORMATION:

The 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. 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. There are two types of Tax Credits: Competitive (9%) and Non-Competitive (4%).

The Resolution Evaluation Criteria and Scoring Policy recently adopted by City Council only apply to the Competitive (9) Housing Tax Credit program. The Palo Alto Apartments project is a Non-Competitive (4%) Housing Tax Credit project and does not fall under the Resolution Evaluation Criteria and Scoring Policy. The 4% Housing Tax Credit program is available year round unlike the 9% Housing Tax Credit program which has a definitive application period.
On October 16, 2014, City Council approved the allocation of $1,087,322.86 in FY 2015 HOME Investment Partnership Program (HOME) funds to the NRP Group for an approximately $39.3 million multi-family rental housing development, named Palo Alto Apartments. This 322 unit development is located on the southwest corner of Loop 410 and Highway 16, in Council District Four.

ISSUE:

Palo Alto Apartments submitted an application to the Texas Department of Housing and Community Affairs for 4% Housing Tax Credits. ...

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