DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: Bridgett White
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
A Resolution in Support of the San Antonio Housing Authority's application to the Texas Department of Housing and Community Affairs for competitive 9% housing tax credits and identifying East Meadows Phase II Multi-Family Project as contributing "most significantly to the concerted revitalization efforts" of the City of San Antonio (the City).
SUMMARY:
The San Antonio Housing Authority (SAHA) is seeking a resolution from the City Council supporting its 9% competitive tax credit application and identifying its East Meadows Phase II Multi-Family Project as contributing "most significantly to the concerted revitalization efforts" in order to obtain additional points in its application before the Texas Department of Housing and Community Affairs' (TDHCA) governing board. East Meadows Phase II Multi-Family Project is a 117-unit rental housing development located at 1411 N. Walters 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%). The San Antonio Housing Authority (SAHA) is applying for the 9% HTC. The 9% HTC program has a single annual application period unlike the 4% HTC program which is available year round. In addition, the 9% HTC assigns points based on the type of resolution provided by a municipality (Resolution of Support versus a Resolution of No Objection), as opposed to the 4% HTC which require that...
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