city of San Antonio


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File #: 19-1444   
Type: Staff Briefing - Without Ordinance
In control: Comprehensive Plan Committee
On agenda: 1/16/2019
Posting Language: Resolution of No Objection for the VDC SA-Alsbury, LP application to the Texas Department of Housing and Community Affairs non-competitive 4% Housing Tax Credits program for the construction of Alsbury Apartments, a 240 unit affordable multi-family rental housing rehabilitation, located at 231 Nobelwood Drive in City Council District 2. [Peter Zanoni, Deputy City Manager; VerĂ³nica R. Soto, Director, Neighborhood and Housing Services]
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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DEPARTMENT: Neighborhood & Housing Services Department

DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director

COUNCIL DISTRICTS IMPACTED: Council District 2

SUBJECT:

Resolution of No Objection for VDC SA-Alsbury, LP application to the Texas Department of Housing and Community Affairs for the non-competitive 4% Housing Tax Credits program

SUMMARY:

VDC SA-Alsbury 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 Alsbury Apartments, 240-unit affordable multi-family rental housing development located at 231 Noblewood Drive in Council District 2.

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%. Alsbury Apartment 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 criteria outlined in the Low Incom...

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