DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: Bridgett White, Interim Director
COUNCIL DISTRICTS IMPACTED: Council District 6
SUBJECT:
Resolution of No Objection for Brookwood Senior Apartments
SUMMARY:
A Resolution of No Objection for Mission DGAP, SLP of Westover Senior P3, LP's application to the Texas Department of Housing and Community Affairs for 4% Housing Tax Credits for the development of Brookwood Senior Apartments, a 197 unit multi-family rental housing development, located at the northwest corner of Richland Hills Road and Ingram Road 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%). Mission DGAP, SLP of Westover Senior P3, LP 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. As opposed to the Competitive (9%) Housing Tax Credits, which assign points based on the type of resolution provided by a municipality (Resolution of Support versus a Resolution of No Objection), the Non-Competitive (4%) Housing Tax Credits require that a Resolution of No Objection be submitted to satisfy requirements of ?10.204(4)(C) of the TDHCA's Uniform Multifamily Rules.
ISSUE:
Mission DGAP, SLP of Westover Senior P3, LP is submitting an application to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Housing Tax Credits for the development of Brookwood Senio...
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