DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: Council District 3
SUBJECT:
A Resolution of No Objection for Mission DG/Mitchell Redevelopment, LP's application to the Texas Department of Housing and Community Affairs for non-competitive 4% Housing Tax Credits program for the development of St. John's Apartments, a 229-unit multi-family rental housing development located at 222 E. Mitchell Street in Council District 3
SUMMARY:
Mission DG/Mitchell Redevelopment, LP is seeking a Resolution of No Objection for its application to the Texas Department of Housing and Community Affairs for non-competitive 4% Housing Tax Credits program for the development of St. John's Apartments, a 229-unit multi-family rental housing development located at 222 E. Mitchell Street in Council District 3.
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%. Mission DG/Mitchell Redevelopment, LP 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. Designs for th...
Click here for full text