AGENDA CAPTION:
Title
Consider approval of Resolution 2020-164R, 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 Redwood Multifamily Housing Project located in the 1600 block of Redwood Road, approving findings related to the application, imposing conditions for such non-objection, including the requirement that the applicant make an annual payment in lieu of taxes, providing authorizations for execution or submission of documents related to the application and for execution of an agreement for the annual payment in lieu of taxes, and declaring an effective date.
Body
Meeting date: August 4, 2020
Department: Planning & Development
Amount & Source of Funding
Funds Required: Click or tap here to enter text.
Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: Click or tap here to enter text.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Workforce Housing
Choose an item.
Choose an item.
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)]
Vision San Marcos - A River Runs Through Us
Background Information:
Resolution 2020-27R was approved on February 4th, 2020 providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs (TDHCA) for the proposed Redwood Multifamily Housing Project located at the intersection of South Old Bastrop and Rattler Road. Prior to approval, the applicant failed to request the “Greater than 20% Housing Tax Credits per Total Household in Census Tract” resolution required by the Texas Department of Housing and Community Affairs.
The project site is located 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. Applicants applying for housing tax credits for development located in these census tracts are considered ineligible unless the Governing Body of the appropriate municipality of county containing the Development affirms, by vote, that they have no objection to the application. The applicant, LDG Development, is requesting an updated resolution to meet this requirement from TDHCA:
1. Resolutions by the City Council of the City of San Marcos, Texas, - “As provided for in 10 TAC§11.3(e) and §11.4(c)(1), it is hereby acknowledged that the proposed New Construction Development is located in a census tract that has more than 20% Housing Tax Credit Units per total household and the proposed Development is consistent with the City’s obligation to affirmatively further fair housing and the City has no objection to the Application.”
Applications for Resolutions of No Objection must meet at least 5 of the 8 criteria, including criteria #1 of the City’s Low-Income Housing Tax Credit policy to receive a positive staff recommendation. Based on the criteria outlined in the policy, the application approved on February 4th, 2020 meets 6 of the 8 criteria. The addition of the 20% Housing Tax Credit Units per total household resolution does not affect the applicant’s status of compliance with the Low-Income Housing Tax Credit policy.
Council Committee, Board/Commission Action:
At their February 4th, 2020 regular meeting, the City Council approved Resolution 2020-27R providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs (TDHCA) for the proposed Redwood Multifamily Housing Project located in the 1600 block of Redwood.
Alternatives:
n/a
Recommendation:
Staff recommends approval of the updated Resolution of No Objection as presented.