DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: Bridgett White, Interim Director
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Resolution of No Objection for Robert E. Lee Apartments
SUMMARY:
A Resolution of No Objection for RELEE Preservation Associates, L.P.'s application to the Texas Department of Housing and Community Affairs for 4% Housing Tax Credits programs for the acquisition, rehabilitation and refinancing of Robert E. Lee Apartments, a 72 unit multi-family rental housing development, located at 111 W. Travis Street in Council District 1.
BACKGROUND INFORMATION:
The Texas Department of Housing and Community Affairs (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%). RELEE Preservation Associates, L.P. 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:
RELEE Preservation Associates, L.P. is submitting an application to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Housing Tax Credits for the acquisi...
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