DEPARTMENT: Neighborhood & Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
Adopting an Amended Resolution of No Objection for Atlantic Pacific Communities' application to the Texas Department of Housing and Community Affairs for the 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 Villas at Echo East, 192-unit affordable multi-family rental housing development located at west of the intersection of Spriggsdale Avenue and Como Street in Council District 2, previously approved by the City Council on May 9, 2019, to include the City's specific consent to the location of the Villas at Echo East 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 (HTC) 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.
TDHCA administers two HTC programs: Competitive 9% and Non-Competitive 4%. Echo East is applying for the Non-Competitive 4% HTC program which is available year round unlike the Competitive 9% HTC program which has a single annual application period. On May 9, 2019, City Council approved a Resolution of No Objection for this development's application to the TDHCA for Non-Competitive 4% ...
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