DEPARTMENT: Department of Planning & Community Development
DEPARTMENT HEAD: Bridgett White, Director
COUNCIL DISTRICTS IMPACTED: Not located in a City Council district but near District 4
SUBJECT:
Consideration of a Resolution of No Objection for Medio Springs Ranch Apartments, a 348-unit multifamily affordable housing development in the City's extraterritorial jurisdiction seeking non-competitive 4% Housing Tax Credits with the Texas Department of Housing and Community Affairs.
SUMMARY:
The City issued a Resolution of Support for the development of Medio Springs Ranch Apartments on February 19, 2015 for its competitive 2015 9% Housing Tax Credit application to the Texas Department of Housing and Community Affairs; however, the developer, Medio Springs, L.P., has amended the development proposal and is seeking a Resolution based on the following changes to its application:
* The developer is now seeking non-competitive 4% Housing Tax Credits; and
* The number of units proposed has increased from 180 units to 348 units.
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. The HTC program awards competitive application points for a resolution(s) from a Governing Body of a municipality showing local government support.
For TDHCA's 2015 9% Competitive HTC program, Medio Springs, L.P. proposed a 180-unit multifamily rental housing development to ...
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