DEPARTMENT: Neighborhood & Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 7
SUBJECT:
A Resolution of No Objection for Majestic SA Apartments application to the Texas Department of Housing and Community Affairs for the non-competitive 4% Housing Tax Credits program.
SUMMARY:
Majestic SA Apartments is seeking a Resolution of No Objection for its application to the Texas Department of Housing and Community Affairs for the non-competitive 4% Housing Tax Credits program for the development of Majestic Ranch Apartments, a 288 unit multi-family rental housing development located approximately at 4847 Callaghan Road in Council District 7.
BACKGROUND INFORMATION:
The Texas Department of Housing and Community Affairs' (TDHCA) Housing Tax Credit 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. Housing Tax Credits 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.
The two types of Housing Tax Credits include a competitive 9% and non-competitive 4%. Majestic SA Apartments is applying for non-competitive 4% Housing Tax Credit which is available year round unlike the competitive 9% Housing Tax Credit program which has a single annual application period. The competitive 9% Housing Tax Credit assigns points based on the type of resolution provided by a municipality (Resolution of Support versus a Resolution of No Objection), but the non-competitive 4% Housing Tax Credit only require that a Resolution of No Objection be submitted to satisfy requirements of ?10.204(4)(C) of the TDHCA's Uniform Multifamily Rules.
In order to qualify to receive a Resolution of No Objection, the application must earn at least 50 out of 100 points from the City's scoring cr...
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