DEPARTMENT: Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Briefing on the process and timeline for 2021 Competitive 9% Housing Tax Credit (HTC) project Resolutions and CDBG/HOME Affordable Housing Gap Funding.
SUMMARY:
On November 30, 2020, the City issued a Request for Applications (RFA) to developers seeking a Resolution of Support or No Objection for applications to the Texas Department of Housing and Community Affairs for the 2021 Competitive 9% Housing Tax Credit (HTC) Program per the Council approved policy. The RFA remained open until 2 pm on January 4, 2021.
On October 26, 2020, the City issued two Requests for Proposals (RFPs) for FY 21 grant-funded rental housing gap funding and single-family homeownership housing gap funding. The solicitations remained open until December 11, 2020.
BACKGROUND INFORMATION:
The Texas Department of Housing and Community Affairs' (TDHCA) Housing Tax Credit (HTC) Program allocates federal tax credits to developers to encourage the construction and rehabilitation of affordable, multifamily housing. There are two types of Tax Credits: 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. The 9% Program is allocated through an annual competitive process in which projects are evaluated and scored according to the TDHCA's established criteria. An application will receive a certain number of points if it receives a Resolution of Support or a Resolution of No Objection from the City Council of the municipality where the project is located.
On October 31, 2019, City Council adopted an updated Housing Tax Credit (HTC) Policy for the issuance of Resolutions of Support and Resolutions of No Objection. The new policy added a focus on deeper affordability and developments in targeted areas including Regional Cen...
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