DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: John M. Dugan, Director
COUNCIL DISTRICTS IMPACTED: Council District 10
SUBJECT:
Resolution of No Objection for Oak Valley Apartments
SUMMARY:
A recommendation for a Resolution of No Objection for the Oak Valley Apartments project application to the State of Texas 4% Tax Credit Program for the new construction of a multi-family rental housing development, located at 12613 Judson Road in San Antonio, Texas 78233, in Council District 10.
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 Oak Valley Apartments project is applying for non-competitive (4%) Housing Tax Credits. The 4% Housing Tax Credit program is available year round unlike the 9% Housing Tax Credit program which has a single annual application period. Pedcor Investments, LLC will be developing Oak Valley Apartments, a 192 unit rental housing development located at 12613 Judson Road in San Antonio, Texas 78233, in Council District 10.
ISSUE:
Oak Valley Apartments has submitted an application to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Housing Tax Credits. TDHCA requires a Resolution of No Objection from the local governing body for a 4% Housing Tax Credit project. Staff applied the City Council adopted Multi-family Evaluation Criteria and Scoring Policy for competitive (9%) Housing Tax Credit projects, as the City does not have a 4% Housing Tax Credit Policy, and found that the Oak Valley Apartments sc...
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