DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: 6 and 10
SUBJECT:
Consideration of Resolutions of Support for multifamily rental housing development projects by applicants seeking competitive 9% Housing Tax Credits with the Texas Department of Housing and Community Affairs for the 2018 program.
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 2018 competitive 9% Housing Tax Credit program. Applicants for the following two projects are recommended to receive a Resolution of Support:
* Culebra Place Apartments, located at 7796 Culebra Rd in Council District 6
* Residences at Thousand Oaks, located at the 4500 block of Thousand Oaks Dr in Council District 10
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 2018 competitive application period, TDHCA requires applicants to submit completed applications, along with supporting documents, no later than March 1, 2018.
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 a municipality, the application will receive:
* Seventeen (17) points for a...
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