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Home My WebLink AboutIR 9907 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9907 To the Mayor and Members of the City Council August 2, 2016 ° rte Page 1 of 2 �i �i1 Y SUBJECT: UPDATE ON 2016 COMPETITIVE (9%) HOUSING TAX CREDIT rrA APPLICATIONS On February 9, 2016, the City Council approved Mayor and Council Communication (M&C) G- 18664, which adopted a policy for Council Resolutions of Support or No Objection for 2016 applications to the Texas Department of Housing and Community Affairs (TDHCA) for Competitive (9%) Housing Tax Credits and for local government commitment of development funding. The approved policy states that in order to obtain a Resolution of Support, a development must have the following: 1 . Either (a) ten percent of the total units dedicated for Rental Assistance Demonstration (RAD), or (b) five percent of the total units dedicated for Permanent Supportive Housing and a minimum of five percent of the units dedicated as market rate; and 2. Appropriate zoning for the intended use of site. If the site does not have appropriate zoning, then Staff must review the request for the zoning change and the Councilmember must support the rezoning request. Council may consider providing a Resolution of No Objection for applications that do not qualify under the policy for a Resolution of Support. The policy also allows, at City Council discretion, a local commitment of government funding in the form of a tax abatement and/or a partial or full waiver of development fees. This local commitment of development funding would qualify the development for an additional point and increase the competitiveness of their applications. On February 16, 2016, City Council approved the following projects for a Resolution of Support: Avondale Farms Seniors to be developed by Avondale Farms Seniors, LP, an affiliate of GFD Holdings, LLC, to be located at the southeast corner of US 287 and Avondale-Haslet Road (Council District 7) Churchill at Golden Triangle Community to be developed by Churchill Golden Triangle Community, L.P., an affiliate of Churchill Senior Communities, L.P., to be located at the 11000 block of Metroport Way (formerly Keller Hicks Road) south of Timberland Boulevard and east of the 11000 block of IH-35W Service Road (Council District 7) Harmon Senior Villas to be developed by AMTEX Harmon, L.P., an affiliate of AMTEX Multi- housing, LLC, to be located at 12801 Harmon Road in the City's extraterritorial jurisdiction (Council District 7) ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9907 To the Mayor and Members of the City Council August 2, 2016 ° rte Page 2 of 2 �i �i1 Y SUBJECT: UPDATE ON 2016 COMPETITIVE (9%) HOUSING TAX CREDIT rrA APPLICATIONS The Standard at Boswell Marketplace to be developed by The Standard at Boswell Marketplace, LP, an affiliate of Standard Residential, LLC, to be located at the northwest corner of Old Decatur Road and West Bailey Boswell Road (Council District 7) Woodlawn Place to be developed by Tremore Marine Creek, L.P., an affiliate of Carleton Development, Ltd., to be located at the southeast corner of Bowman-Roberts Road and Cromwell-Marine Creek Road (Council District 2) Additionally, the following applications were approved for a commitment of local government funding conditioned upon the development receiving an allocation of Housing Tax Credits from TDHCA: Harmon Senior Villas Woodlawn Place Churchill at Golden Triangle Community; and The Standard at Boswell Marketplace Based on support for the abovementioned applications by City Council, the TDHCA Board at its July 28, 2016 meeting approved the following applications for 2016 Competitive (9%) Housing Tax Credits: The Standard at Boswell Marketplace Avondale Farms Seniors Harmon Senior Villas As a result, a total of 409 mixed income units will be produced which represents a $61.8 million investment in the City of Fort Worth. Additionally, 42 units have been set aside for the Rental Assistance Demonstration (RAD) program. To date, Fort Worth Housing Solutions has met 69% of its goal of providing 2,800 units by December 2018. If you have questions regarding this IR, please contact Aubrey Thagard, Director of Neighborhood Services, at 817-392-8187. David Cooke City Manager Attachment ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS Texas Department of Housing and Community Affairs 2016 Competitive 9%Housing Tax Credit Program Award and Waiting List Version date:July 28,2016 Previous Participation Review(PPR)Status:A=Approved,C=Approved w/Conditions,P=Pending Approval,N=No Review E = E Linear z o `0 3 distance E Xfrom v m a nm ° = r «°� nearest c - ` N E � io HTC z Q o° o 'o 5 = i 3 3 n a r > assisted u° " s 0 a z o A a t developm Development name City County - u - g o m s a Census Tract 'U p d N ent Region 3/Rural 16071 Bluff View Senior Village Crandall Kaufman 75114 Rural New 33 15 48 Elderly $574,172 Will 125 17 4 8 4 158 C C A R 48257050203 1stQ 7 2.4 85.33 NW corner of US-175 Frontage Rd&FM Limitation Markel 741 16011 Homestead Prairie Senior Apartments Ponder Denton 76259Rural New 43 10 53 Elderly $574,867 x Teresa 123 17 4 8 4 156 C N C 48121020309 2nd Q 7 7.8 84.00 Pending 1007 N.FM 156 Limitation 113owyer Appeal Estimated Amount Available to Allocate $598,523 Total HTCs Requested $1,149,039 Region 3/Urban 16231 Gala at Melissa Melissa Collin 75454 Urban New 79 14 93 Elderly $1,316,306 Jervon 124 17 4 8 4 157 C C A R 48085030201 1st Q 7 1.7 90.33 N side of E Melissa Rd,appx 1/3 mile E of Limitation Harris Sam Rayburn Hwy 16114 The Veranda Townhomes Plano Collin 75025 Urban New 20 20 40 General $474,312 x Melissa 124 17 4 8 4 157 C C A R 48085031639 1st Q 7 2.1 97.00 Northeast corner of Coit and McDermott Adami Rd 16373 Avondale Farms Seniors Fort Worth Tarrant 76052 Urban New 109 12 121 Elderly $1,500,000 Brandon 124 17 4 8 4 157 C C A R 48439114103 1st Q 7 3.6 89.67 SEC of US-287 and Avondale Haslet Road Preference Bolin 16275 Harmon Senior Villas Fort Worth Tarrant 76177 Urban New 144 16 160 Elderly $1,500,000 x David 124 17 4 8 4 157 C C C R 48439113926 1st Q 7 6.5 89.33 12801 Harmon Road(9.023 acres) Preference Yarden 16226 Provision at Melissa Melissa Collin 75454 Urban New 96 24 120 General $1,500,000 x Jervon 123 17 4 8 4 156 C C A R 48085030201 1st Q 7 1.7 90.33 N side of E Melissa Rd,app 1/4 mile E of Harris Sam Rayburn Hwy 16159 Palladium Garland Garland Dallas 75043 Urban New 98 42 140 General $1,500,000 x Thomas E. 123 17 4 8 4 156 C C A R 48113017808 2nd Q 6 9.2 84.67 SE quadrant of Interstate 30 and Huth Northwest Drive 16178 Palladium Anna Anna Collin 75409 Urban New 108 72 180 General $1,500,000 x Thomas 123 17 4 8 4 156 C C A R 48085030203 2nd Q 5 9.5 84.33 NE quadrant of Highway 5 and 422 Huth 16015 The Standard at Boswell Marketplace NW Fort Worth Tarrant 76179 Urban New 118 10 128 General $1,500,000 x Daniel 121 17 4 8 4 154 C C A R 48439114104 1st Q 7 3.9 79.67 Corner of N.Old Decatur Road and Bailey Smith Boswell Road 16098 Parkdale Villas Denison Grayson 75020 Urban New 128 16 144 General $1,500,000 David 121 17 4 8 4 154 C C C R 48181000302 1st Q 7 10.2 78.67 3909 W FM 120&N Parkdale Rd Yarden 16317 Blue Line Lofts Rowlett Dallas 75088 Urban New 112 47 159 General $1,500,000 Brandon 119 17 4 8 4 152 C N A 48113018133 2nd Q 0 3.6 73.67 3737 Melcer Drive I I I I I Bolin 16260 Churchill at Golden Triangle Community Fort Worth Tarrant 76177 Urban New 111 7 118 General $1,500,000 x x Bradley E. 123 17 4 8 4 -5 151 N N N 48439113922 1st Q 7 6.6 87.33 Appx 11000 block of Metroport Way(S Forslund Timberland Blvd E 11000 block IH35W) Estimated Amount Available to Allocate $12,345,011 Total HTCs Requested $15,290,618 Elderly Max: $4,797,271