AGENDA CAPTION:
Title
Receive a staff presentation, and hold a discussion on requested data related to Low Income Housing Tax Credit (LIHTC) projects, and provide direction to staff.
Body
Meeting date: November 19, 2024
Department: Planning & Development Services
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: City Council requested this worksession at their Regular Meeting on July 2, 2024.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Quality of Life & Sense of Place
Economic Vitality
Public Safety, Core Services & Fiscal Excellence
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☐ Economic Development - Choose an item.
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
☐ Parks, Public Spaces & Facilities - Choose an item.
☐ Transportation - Choose an item.
☐ Core Services
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Choose an item.
Background Information:
City Council requested this worksession at their Regular Meeting on July 2, 2024 during a discussion item related the Affordable / Workforce Housing Policy. City Council indicated concerns with the number of Low Income Housing Tax Credit (LIHTC) developments which were seeking tax exemption. City Council requested data related to property and sales tax income as well as data on existing developments.
This presentation includes the requested data, provides insight from external stakeholders and offers considerations and next steps.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
Staff seeks direction on the following next steps:
• Workforce Housing Committee to review policy
– City requirements compared to TDHCA
– PILOT requirement & use of PILOT funds
• Continued work on Neighborhood Area Plans
• Staff to kick off Strategic Housing Action Plan Update
• Policy and Plans reviewed with equity lens