AGENDA CAPTION:
Title
Consider approval of Resolution 2019-26R (LIHTC-19-01 (Riverstone)), providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs for the proposed Riverstone Multifamily Housing Project located at 1430 Wonder World Drive; approving findings related to such application; imposing conditions for such no objection; providing authorizations for execution or submission of documents related to the such application; and declaring an effective date.
Body
Meeting date: March 19, 2019
Department: Planning and 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: n/a
City Council Strategic Initiative:
Workforce Housing
Comprehensive Plan Element (s):
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Diversified housing options to serve citizens with varying needs and interests
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Not Applicable
Master Plan:
Vision San Marcos - A River Runs Through Us
Background Information:
The San Marcos Affordable Housing Policy (Resolution 2018-118) outlines the Low Income Housing Tax Credit Policy (LIHTC). The City of San Marcos utilizes the following criteria in order to determine whether a resolution will be recommended for consideration by the City Council. Applications must meet at least 5 of the 8 criteria below, including criteria #1, in order to receive a staff recommendation for a Resolution of Support or Resolution of No Objection. An analysis of met and unmet criteria for LIHTC-19-01 is outlined as follows:
Met
Not Met
Housing Policy Criteria
X
1) No Exemption from local taxes is provided
The proposed development is not seeking an exemption from local t...
Click here for full text