DEPARTMENT: Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
An Ordinance adopting a policy for the issuance of Resolutions of Support or No Objection for applicants seeking Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs
SUMMARY:
This item is for City Council consideration of a policy which governs the issuance of Resolutions of Support or No Objection for applicants seeking Low Income Housing Tax Credits (LIHTC) from the Texas Department of Housing and Community Affairs (TDHCA).
This policy outlines the scoring criteria to be used for considering applications as well as the minimum requirements in order to be granted a Resolution of Support or No Objection. The recommended criteria are designed to ensure fairness in evaluating applications while also ensuring adequate resident notification of proposed LIHTC developments.
BACKGROUND INFORMATION:
On December 7, 2017, City Council members considered the draft Resolutions of Support or No Objection for applicants seeking Low Income Housing Tax Credits (LIHTC) policy and provided a series of comments to staff. Councilman Pelaez recommended revising the public meeting criteria to also allow for developers to hold the public informational meetings on weekends. Staff has incorporated this change into the revised draft policy.
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 wh...
Click here for full text