DEPARTMENT: Planning Department
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
Consideration of Resolutions of Support for five multifamily rental housing development projects by applicants seeking competitive 9% Housing Tax Credits with the Texas Department of Housing and Community Affairs.
SUMMARY:
The City issued a Request for Applications to developers seeking a Resolution of Support or No Objection for applications to the Texas Department of Housing and Community Affairs for the competitive 9% Housing Tax Credit program. Applicants for the following five projects are recommended to receive a Resolution of Support:
* Bandera Apartments, located at 10715 Bandera Rd. in Council District 8
* Basila Apartments, located at 500 N. Zarzamora St. in Council District 5
* Rio Lofts, located at 319 W. Mitchell in Council District 3
* The Acacia, located near Guilbeau and Bandera roads in Council District 7
* The Bristol, located at Guilbeau and Old Tezel roads in Council District 7
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. HTCs 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 HTCs: competitive 9% and non-competitive 4%. The non-competitive 4% HTC program is available year round whereas the competitive 9% HTC program has a single annual application period. For the 2017 competitive application period, TDHCA requires applicants to submit completed applications, along with supporting documents, no later than March 1, 2017.
The HTC program awards competitive application points for a resolution(s) from a Governing Body of a municipalit...
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