DEPARTMENT: Planning Department
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: 4 and 6
SUBJECT:
Consideration of Resolutions of Support for Artisan at Old Tezel and Artisan at Potranco, multifamily rental housing developments by Franklin Development 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. The projects below are eligible to receive Resolutions of Support based on their application scoring:
* Artisan at Old Tezel, a 120-unit development at the northwest corner of Tezel Road and Old Tezel Road, located in District 6
* Artisan at Potranco, a 180-unit development on N. Loop 1604 between Military and Potranco Road, located in District 4
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 municipality showing local government support on the following basis:
Within ...
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