DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 6
SUBJECT:
A Resolution of No Objection for Pedcor Investments, LLC's application to the Texas Department of Housing and Community Affairs for non-competitive 4% Housing Tax Credits program for the development of Culebra Creek Apartments, a 308-unit multi-family rental housing development located at the NW corner of FM 1560 (Steubing Rd) and FM 471 (Culebra Rd) in Council District 6
SUMMARY:
Pedcor Investments, LLC is seeking a Resolution of No Objection for its application to the Texas Department of Housing and Community Affairs for non-competitive 4% Housing Tax Credits program for the development of Culebra Creek Apartments, a 308-unit multi-family rental housing development located at the NW corner of FM 1560 (Steubing Rd) and FM 471 (Culebra Rd) in Council District 6.
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. HTC 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 HTC: competitive 9% and non-competitive 4%. Pedcor Investments, LLC is applying for non-competitive 4% HTC. The non-competitive 4% HTC program is available year round unlike the competitive 9% HTC program which has a single annual application period. As opposed to the competitive 9% HTC, which assign points based on the type of resolution provided by a municipality (Resolution of Support versus a Resolution of No Objection), the non-competitive 4% HTC require that a Resolution of No Objection be submitted to satisfy requirements of ?10.204(4)(C) of the...
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