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. On April 16, 2015, City Council will be considering, as part of a separate agenda item pertaining to the reprogramming of FY2015 CDBG funds, an additional allocation of $600,000.00 in Community Development Block Grant (CDBG) funds for the Palo Alto Apartments. T...
Click here for full text