DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: John M. Dugan, Director
COUNCIL DISTRICTS IMPACTED: Council District 5
SUBJECT:
Resolution of Support for Cheyenne Village Apartments
SUMMARY:
A Resolution of Support for the Cheyenne Village Apartments project application to the State of Texas 4% Tax Credit Program for the acquisition and rehabilitation of an existing multi-family rental housing development, located at 147 Cheyenne Avenue in San Antonio, Texas 78207, located in Council District 5.
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 Housing Tax Credits: Competitive (9%) and Non-Competitive (4%). The Cheyenne Village Apartments project is a non-competitive (4%) Housing Tax Credit project. The 4% Housing Tax Credit program is available year round unlike the 9% Housing Tax Credit program which has a single annual application period.
ISSUE:
Cheyenne Village Apartments has submitted an application to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Housing Tax Credits. Typically, TDHCA only requires a Resolution of No Objection from the local governing body for a 4% Housing Tax Credit project. However, due to the high poverty rate (64%) present in the census tract associated with Cheyenne Village Apartments (CT 1605.01), TDHCA has recommended that the developer request a Resolution of Support from the City for their application. In applying the City Council adopted Multifamily Evaluation Criteria and Scoring Policy for 2015 competitive (9%) Housing Tax Credit projects, staff f...
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