DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: John M. Dugan, Director
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
Resolution of Support for Wheatley Courts Senior Apartments Development Project
SUMMARY:
A Resolution of Support for the Wheatley Courts Senior Apartments, an approximately $9.39 million multi-family rental housing development, located at 906 North Mittman Street, seeking 2015 Competitive 9% Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA).
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. 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.
On September 18, 2014, the City Council approved $1,200,000 in HOME Investment Partnership Program (HOME) funds to the Wheatley Courts Senior Apartments, an approximately $9.39 million 80-unit multi-family rental housing development project, located at 906 North Mittman Street.
ISSUE:
Wheatley Courts Senior Apartments is seeking 2015 Competitive 9% Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA). This housing tax credit application is different from the other applications for Resolution of Support in that it is competing under the statewide "At Risk Set-Aside" instead of the "Region 9/Urban Set-Aside" like the other respondents to the Request for Applications. In addition, this development is receiving $1.2 million in HOME funding from the City of San Antonio, while there is no current commitment for City funding to the other nine developments.
This application process requires a Resolution of Support from the local municipa...
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