DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: John M. Dugan, Director
COUNCIL DISTRICTS IMPACTED: Council District 6
SUBJECT:
Resolution of No Objection for Acme Road Apartments
SUMMARY:
A Resolution of No Objection for the Acme Road Apartments Ltd. application to the State of Texas 2016 Private Activity Bond and 4% Tax Credit Program for the new construction of a 324 unit multi-family rental housing development, located on 18 acres west of South Acme Road near Prosperity Drive in San Antonio, Texas, 78227 in Council District 6.
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%). Acme Road Apartments Ltd. 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.
The City has previously awarded this project $1.25M in HOME Investment Partnership Funding through Ordinance 2015-09-17-0816 and 2016-01-14-0011.
ISSUE:
Acme Road Apartments Ltd. has submitted an application to the Texas Department of Housing and Community Affairs (TDHCA) for 2016 Private Activity Bonds and 4% Housing Tax Credits for the development of Acme Road Apartments, a 324 unit rental housing development located west of South Acme Road near Prosperity Drive San Antonio, Texas, 78227 in Council District 6. TDHCA requires a Resolution of No Objection from the local governing body for a 4% Housing Tax Credit project.
The value ...
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