DEPARTMENT: Neighborhood & Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 7
SUBJECT:
Adopting an Amended Resolution of No Objection for the Majestic SA Apartments' application to the Texas Department of Housing and Community Affairs' Non-Competitive 4% Housing Tax Credits Program.
SUMMARY:
Amending Resolution of No Objection for an application to the Texas Department of Housing and Community Affairs' Non-Competitive 4% Housing Tax Credits Program for the development of Majestic Ranch Apartments, a 288 unit multi-family rental housing development, located at 4847 Callaghan Road in City Council District 7, previously approved by the City Council on January 10, 2019, to include the City's specific consent to the location of the Majestic Ranch Apartments Development in a census tract that has more than 20% Housing Tax Credit Units per total households as established by the 5-year American Community Survey as required by Chapter 10 of the Texas Administrative Code, Sections 11.3(e) and 11.4 (c)(1).
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 the Non-Competitive 4% Housing Tax Credit Program 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 application assigns points based on the type of resolution provided by a municip...
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