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File #: 21-1594   
Type: Resolution
In control: City Council A Session
On agenda: 2/11/2021
Posting Language: Denver Heights Senior Village at the intersection of Martin Luther King Dr & Roberson Ave in Council District 2
Attachments: 1. Map_2021 9% Housing Tax Credit Applicants, 2. Draft Resolution - A, 3. Draft Resolution - B, 4. Draft Resolution - C, 5. Draft Resolution - D, 6. Draft Resolution - E, 7. Draft Resolution - F, 8. Draft Resolution - G, 9. Draft Resolution - H, 10. Draft Resolution - I, 11. Draft Resolution - J, 12. Draft Resolution - K, 13. Resolution 2021-02-11-0010R
Related files: 21-1245
DEPARTMENT: Neighborhood and Housing Services


DEPARTMENT HEAD: Ver?nica R. Soto, FAICP


COUNCIL DISTRICTS IMPACTED: City Wide


SUBJECT:

Resolutions of Support for multifamily rental housing development projects seeking 2021 Competitive 9% Housing Tax Credits (HTC) from the Texas Department of Housing and Community Affairs (TDHCA).

SUMMARY:

Consideration of eleven Resolutions of Support for multifamily rental housing development projects by respondents seeking 2021 Competitive 9% Housing Tax Credits (HTC) from the Texas Department of Housing and Community Affairs (TDHCA).

BACKGROUND INFORMATION:

The Texas Department of Housing and Community Affairs (TDHCA)'s 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 must include a Resolution of Support or a Resolution of No Objection from the governing body 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 Centers. Developers submitting 2021 Competitive 9% HTC applications to TDHCA must score 75 points on their city application to be recommended for a Resolution of Support by staff. Developers must score 60 points and have ownership/ management experience to be recommended for a Resolution of No Objection. Applications for the 2021 Competitive 9% HTC are ...

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