DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
Resolution of No Objection for Lord Road Apartments
SUMMARY:
A Resolution of No Objection for NRP Lone Star Development, LLC's application to the Texas Department of Housing and Community Affairs for non-competitive 4% Housing Tax Credits program for the development of Lord Road Apartments, a 324 unit multi-family rental housing development located at Lord Road and W.W. White Road in Council District 2.
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. HTC 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 HTC: competitive 9% and non-competitive 4%. NRP Lone Star Development, LLC is applying for non-competitive 4% HTC. The non-competitive 4% HTC program is available year round unlike the competitive 9% HTC program which has a single annual application period. As opposed to the competitive 9% HTC, 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% HTC require that a Resolution of No Objection be submitted to satisfy requirements of ?10.204(4)(C) of the TDHCA's Uniform Multifamily Rules.
The City previously awarded this project $1.25M in HOME Investment Partnership Funding on September 29, 2016 (File No. 16-4830).
ISSUE:
NRP Lone Star Development LLC is submitting an application to the Texas Department of Housing and Community Affairs (TDHCA) for non-competitive 4% Housing Tax Credits (HTC) for the develo...
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