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Home My WebLink AboutResolution 4739-01-2017 A Resolution NO. 4739-01-2017 OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT APPLICATION FOR THE DEVELOPMENT OF THE COWEN COURT APARTMENTS WHEREAS, the City of Fort Worth's 2016 Comprehensive Plan is supportive of the preservation, improvement, and development of quality, affordable, accessible rental and ownership housing; WHEREAS, the City of Fort Worth's 2013-2018 Consolidated Plan makes the development of quality, affordable, accessible rental housing units for the City's low income residents a high priority; WHEREAS, FW Cavile Development, LP, a public-private partnership including an affiliate of Fort Worth Housing Solutions, along with Atlantic Pacific Communities, LLC and Madhouse Development Services, Inc., has proposed a multifamily rental housing development to be named the Cowen Court Apartments to be located at approximately 4908-4912 East Rosedale Street; and WHEREAS, FW Cavile Development, LP has advised the City that it intends to submit an application to the Texas Department of Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax Credits to finance a portion of the costs of the development of the Cowen Court Apartments, a new complex consisting of approximately 107 units, of which at least of which at least ten percent(10%)will be dedicated for Rental Assistance Demonstration units. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS, THAT: 1. Notice of intent to file an application for Non-Competitive (4%) Housing Tax Credits for the development of the Cowen Court Apartments has been provided to the City Council by FW Cavile Development, LP in accordance with Section 2306.67071(a) of the Texas Government Code. 2. The City Council has had sufficient opportunity to obtain a response from FW Cavile Development, LP regarding any questions or concerns about the proposed development. 3. The City Council has held a hearing for the purpose of receiving public comment on the proposed development in accordance with Section 2306.67071(b) of the Texas Government Code. ORT WO 4. After due consideration of the information provided by FW Cavile Development, LP and any public comment on the proposed development, the City Council does not object to the application of FW Cavile Development, LP to the Texas Department of Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax Credits for the purpose of the development of the Cowen Court Apartments. Adopted this 31 S`day of January, 2017. 4o4vott 4 n f p® 0"000000 �a 0..8�te aatt A�a 4�d4®JATTEST: p 'O g•cp a4' 00 ** -0°o p By. Oa o ,Mary J. Secretary d d tta oRTWo T FW Cavile Development, LP Proposed Cowen and Wellington Court Apartments - Council District 5 gr: K Proposed Site 9 195 26 3TT� 1G; _ I!'ti 521 ., J„ g s = c � 41 1. f AMMO_ "i1 " I i Rosedale Plaza Park ;. [•. T R KUPT {'11 1 111`f ._ . � �.ti `''•—_ Legend j� Wellington_Court_Apartments ;x �• ...a_, " y Iif`! - .►`mP Cowen_Court_Apartments r7- ,�� r � .�rte" ,V. ``� �'- ' " ® EXISTING_PARK_BOUNDARIES i- , City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 1/31/2017 - Resolution No. 4738-01-2017 & 4739-01-2017 DATE: Tuesday, January 31, 2017 REFERENCE NO.: G-18937 LOG NAME: 19RESOLUTION OF NO OBJECTION CAVILE REDEVELOPMENT SUBJECT: Conduct a Public Hearing on the Application by FW Cavile Development, LP, to the Texas Department of Housing and Community Affairs for Non-Competitive Housing Tax Credits for the Cowen Court Apartments to be Located at Approximately 4908-4912 East Rosedale Street and Wellington Court Apartments to be Located at Approximately 5400-5420 East Rosedale Street and Adopt Resolutions of No Objection to the Application (COUNCIL DISTRICT 5) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing to allow citizen comment on the application by FW Cavile Development, LP to the Texas Department of Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax Credits which will include both the Cowen Court Apartments to be located at approximately 4908-4912 East Rosedale Street and the Wellington Court Apartments to be located at approximately 5400-5420 East Rosedale Street; and 2. Adopt the attached Resolutions of No Objection to the application by FW Cavile Development, LP to the Texas Department of Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax Credits for the development of the Cowen Court Apartments and the Wellington Court Apartments. DISCUSSION: FW Cavile Development, LP, an affiliate of Fort Worth Housing Solutions, along with Atlantic Pacific Communities, LLC and Madhouse Development Services, Inc., is applying for a carryforward allocation from the Texas Department of Housing and Community Affairs (TDHCA) for 2016 Non-Competitive (4%) Housing Tax Credits for two multifamily complexes, Cowen Court Apartments and Wellington Court Apartments, and has requested support from the City of Fort Worth. Both of these new apartment complexes located a few blocks apart on East Rosedale Street, will be included in the application and are part of the redevelopment of the Cavile Place/Historic Stop Six Neighborhood. TDHCA requires Housing Tax Credit applicants to provide a Resolution of No Objection from the governing body of the jurisdiction in which the proposed development will be sited. As part of these TDHCA requirements, the governing body must also conduct a public hearing for citizens to provide comment on the proposed development. Apartments will have approximately 132 units. There will be a total of 48 Rental Assistance Demonstration Units (RAD) in these two complexes. The rest of the units will be affordable to households with incomes at or below 60 percent of area median income. Both complexes will have one, two and three bedroom units with amenities including a clubhouse, pool, business center, fitness room and an activity center. On October 11, 2016, the City Council adopted a policy for Council Resolutions of No Objection for 4% Housing Tax Credit applications (M&C G-18831). Because the applicant for the tax credits is a Logname: 19RESOLUTION OF NO OBJECTION CAVILE REDEVELOPMENT Page 1 of 2 partnership which includes an affiliate of Fort Worth Housing Solutions, it is eligible as a public-private partnership for consideration for Resolutions of No Objection from City Council. Following the close of the public hearing, Staff requests that the City Council consider adopting the attached Resolutions of No Objection to support the application for 2016 Non-Competitive (4%) Housing Tax Credits for Cowen Court Apartments and the Wellington Court Apartments. These developments could assist the City in fulfilling its goals under its Consolidated Plan and Comprehensive Plan by supporting economic development and providing quality, accessible, affordable housing for low to moderate income residents. The sites for the proposed developments are zoned PD/D "D" - High Density Multifamily with waivers and development standards. The developments are located in COUNCIL DISTRICT 5, Mapsco 79K and 79L. This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that approval of the above recommendations will have no material effect of the Fiscal Year 2017 Budget. FUND IDENTIFIERS (FIDs): TO Fund Department ccoun Project Program ctivity Budget Reference # mount ID ID Year Chartfield 2 FROM Fund Department ccoun Project Program ctivity Budget Reference # mount ID ID Year (Chartfield 2) CERTIFICATIONS: Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Aubrey Thagard (8187) Additional Information Contact: Avis Chaisson (6342) Logname: 19RESOLUTION OF NO OBJECTION CAVILE REDEVELOPMENT Page 2 of 2