HomeMy WebLinkAboutIR 10042 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10042
To the Mayor and Members of the City Council August 15, 2017
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SUBJECT: UPDATE ON 2017 COMPETITIVE (9%) HOUSING TAX CREDIT
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On February 21, 2017, the City Council approved M&C G-18952,which adopted resolutions of support for
the following competitive (9%) housing tax credit applications:
o Columbia Renaissance Square II-Senior to be developed by Columbia Renaissance Square II,
L.P., an affiliate of New Columbia Residential, LLC, to be located at the northwest corner of
Moresby Street and W.G. Daniels Drive (Council District 8).
o Mistletoe Station to be developed by Mistletoe Station, LLC, an affiliate of Saigebrook
Development, LLC, to be located approximately at 1916 Mistletoe Boulevard and 2116 Beckham
Place (Council District 9).
o Palladium Fort Worth be developed by Palladium Fort Worth, Ltd., an affiliate of Palladium
USA, Inc., to be located at the north side of Westpoint Boulevard west of Loop 820 (Council
District 3).
o Vista Park West to be developed by AMTEX Vista Park Fund, LP, an affiliate AMTEX Multi-
housing, LLC, to be located approximately at 2001 Chapel Creek Boulevard(Council District 3).
o Reserve at Silver Creek to be developed by Reserve at Silver Creek, LLC, an affiliate of the MV
Affordable Housing LLC and Generation Housing Development, LLC, to be located at the
northwest corner of Silver Creek Road and Verna Trail North (Council District 3).
o The Vineyard on Lancaster to be developed by The Vineyard on Lancaster, L.P., an affiliate of
Union Gospel Mission of Tarrant County, to be located approximately at 1413 East Lancaster
Avenue (Council District 8).
Additionally, the City Council approved commitments of development funding in the form of fee waivers
in an amount not to exceed $2,500.00 for each application recommended for a resolution of support. These
fee waivers are conditioned upon the development receiving an allocation of housing tax credits from the
Texas Department of Housing and Community Affairs (TDHCA).
Based on support for these applications by the City Council, TDHCA on August 3 announced awards of
competitive (9%) housing tax credits for the following Fort Worth applications:
Total Market
Affordable PSH RAD Total
Development Development Units Rate Units Units Units
Costs Units
The Vineyard at $17,417,134 92 6 6 0 104
Lancaster
Mistletoe Station $21,595,602 70 4 4 0 78
Palladium Fort Worth $27,697,711 77 58 0 15 150
Note: Unit mix is estimated.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10042
To the Mayor and Members of the City Council August 15, 2017
`�;�� Page 2 of 2
r
SUBJECT: UPDATE ON 2017 COMPETITIVE (9%) HOUSING TAX CREDIT
r ,a APPLICATIONS
As a result, a total of 332 mixed income units will be produced which represents a $66.7 million investment
in Fort Worth. Additionally, 10 units have been set aside for Permanent Supportive Housing (PSH) and 15
units have been set aside for the Rental Assistance Demonstration (RAD) program for Fort Worth Housing
Solutions. To date, Fort Worth Housing Solutions has designated 67 percent of the 1,228 RAD units
approved for it by the U.S. Department of Housing and Urban Development (HUD). These RAD units are
scattered among various rental properties located throughout Fort Worth.
If you have questions regarding this information, please contact Aubrey Thagard, Director of
Neighborhood Services, at 817- 392- 8187.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS