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HomeMy WebLinkAboutResolution 4821-08-2017 A Resolution NO. 4821-08-2017 A RESOLUTION OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT APPLICATION BY THF CASA,LP FOR THE ACQUISITION AND REHABILITATION OF CASA,INC. WHEREAS, the City of Fort Worth's 2017 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, THF Casa, LP, an affiliate of Texas Housing Foundation, has proposed the acquisition and rehabilitation of Casa, Inc., an approximately 200-unit senior multifamily rental housing development located at 3201 Sondra Drive,which includes units affordable to households with incomes at or below 60% of Area Median Income; WHEREAS, THF Casa, LP has advised the City that it intends to submit an application to the Texas Department of Housing and Community Affairs for 2017 Non-Competitive(4%)Housing Tax Credits to finance a portion of the costs of the acquisition and rehabilitation of Casa, Inc. 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 acquisition and rehabilitation of Casa,Inc. has been provided to the City Council by THF Casa, 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 THF Casa,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. 4. After due consideration of the information provided by THF Casa, LP and any public comment on the proposed development, the City Council does not object to the application of THF Casa, LP to the Texas Department of Housing and Community Affairs for 2017 Non-Competitive (4%) Housing Tax Credits for the purpose of the acquisition and rehabilitation of Casa,Inc. Adopted this Pt day of August,2017. .....•FORT ATT S � V %0�0. By: F,Lnald P. Gonzales, As i ant City Se tar'r .... 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AA�•t ♦Ate 9AAAAAAAAAAAAAAAAAAAAAOAA♦ �A�.AiA®A..AA�A,� �A�AAAAAAAAAAAAAOAAAAAAAOAAAAAAAASA�,AAA,AAAAAe°oA ' rA�A�A�A�s� � �' 0 vAAAAs 00 ♦OOAAAAAAAAAAAAAAA♦ 1AAA►A •... _ b Village ♦AA• ♦AAAAAAAAAAAAAAo , O . s'� p ASA°A°A°A°A°ASAAA°A°A°A°A°A°AAA YA<6JAA°A°AAAA b AAAAAAAAAAAAAAA♦ id►JAAs♦ aAAAAAAAAAAAOAAA♦ BOUNDARIES -' - y City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 8%1/2017 -Resolution No. 4821 DATE: Tuesday, August 1, 2017 REFERENCE NO.: G-19057 LOG NAME: 19RESOLUTION OF NO OBJECTION CASA, INC. 2 SUBJECT: Conduct Public Hearing on the Application by THF Casa, LP, an Affiliate of Texas Housing Foundation, to the Texas Department of Housing and Community Affairs for Non-Competitive Housing Tax Credits for the Proposed Acquisition and Rehabilitation of Casa, Inc., a Multifamily Development Located at 3201 Sondra Drive and Adopt Resolution of No Objection to the Application (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing to allow citizen comment on the application of THF Casa, LP, an affiliate of Texas Housing Foundation, to the Texas Department of Housing and Community Affairs for 2017 Non- Competitive (4 percent) Housing Tax Credits for the proposed acquisition and rehabilitation of Casa, Inc., a multifamily development located at 3201 Sondra Drive; and 2. Adopt the attached Resolution of No Objection to the application by THF Casa, LP, to the Texas Department of Housing and Community Affairs for 2017 Non-Competitive (4 percent) Housing Tax Credits for the proposed rehabilitation of Casa, Inc. DISCUSSION: Cl Affordable Preservation, LP, (CI), an affiliate of Texas Housing Foundation (THF), notified the City that it was applying to the Texas Department of Housing and Community Affairs (TDHCA) for 2017 Non- Competitive (4 percent) Housing Tax Credits for the rehabilitation of Casa, Inc., a multifamily affordable housing development for seniors currently owned by Catholic Charities of Fort Worth, and requested support from the City for its tax credit application. 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 is 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. On June 13, 2017, the City Council conducted a public hearing and approved a Resolution of No Objection to Support a Housing Tax Credit Application for the Rehabilitation of Casa, Inc., by CI (M&C G- 19026 and Resolution No. 4797-06-2017). At the same time the Council also approved a Resolution authorizing THF, a Texas regional housing authority, to exercise its powers within the City's boundaries and authorized a Cooperation Agreement between THF and the City for the purposes of the project (Resolution No. 4798-06-2017). Other affiliates of THF requested Resolutions of No Objection for the rehabilitation of affordable multifamily projects located in Arlington and Stephenville. The Arlington and Stephenville properties, along with Casa, Inc., will be part of the same bond issue by TDHCA which will provide a portion of the funding for the rehabilitation of all three complexes. THF is pursuing the acquisition and development or rehabilitation of 21 affordable projects throughout Texas. Fort Worth Housing Solutions (FWHS) also passed a resolution on May 18, 2017 approving THF exercising its powers in the City of Fort Worth, FWHS's area of operation. Logname: 19RESOLUTION OF NO OBJECTION CASA, INC. 2 Page I of 2 THF has determined that, for consistency in its state-wide operations, the names of its owner affiliates for its various affordable housing developments should include 'THF' in the owner entity name. This change will also be helpful to THF in seeking ad valorem tax exemptions in the various jurisdictions in which . In addition, THS has determined that the developer entities should be structured as limited partnerships instead of limited liability companies. As the owner entity for the rehabilitation of Casa, Inc. is now THF Casa, LP, this is considered a new application for City support and it is necessary for Council to pass a new Resolution of No Objection and hold a public hearing to give citizens an opportunity to comment. Casa, Inc., has approximately 200 units, all but one of which are Housing Assistance Payment units funded by the U.S. Department of Housing and Urban Development (HUD). The rehabilitated development will have one- and two-bedroom units as well as a community center, computer lab, library, laundry facilities on each floor, personal locked mailboxes, and will be pet friendly. The costs of the acquisition and rehabilitation of the complex will be funded with an allocation of tax exempt bonds issued by TDHCA Non-Competitive (4 percent) Housing Tax Credits from TDHCA and HUD funding. As the only change is the name of the owner entity applying for the tax credits, the proposed project still meets the City's policy for 4 percent housing tax credit applications adopted by the City Council on October 11, 2016 (M&C G-18831 Revised). Following the close of the public hearing, Staff requests that the City Council consider the attached Resolution of No Objection to support the application of THF Casa, LP for 2017 Non-Competitive (4 %) Housing Tax Credits for the rehabilitation of Casa, Inc. The redevelopment 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 seniors. This development is located in COUNCIL DISTRICT 9. 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 # moun ID ID Year Chartfield 2 FROM Fund Department ccoun Project Program ctivity Budget Reference # moun ID ID Year Chartfield 2 CERTIFICATIONS: Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Aubrey Thagard (8187) Carmella Kendry (6658) Additional Information Contact: Avis Chaisson (6342) Logname: 19RESOLUTION OF NO OBJECTION CASA, INC. 2 Page 2 of 2