HomeMy WebLinkAboutResolution 4865-11-2017 A Resolution
NO. 4865-11-2017
A RESOLUTION OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT
APPLICATION FOR THE REHABILITATION OF THE SABINE PLACE APARTMENTS
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, FW Steele Sabine Place, LLC, an affiliate of Steele Acquisitions II LLC, has
proposed rehabilitation on an approximately 72-unit multifamily rental housing development named the
Sabine Place Apartments, located at 1215 Terminal Road in the City of Fort Worth, which includes units
affordable to households with incomes at or below 60% of Area Median Income;
WHEREAS, FW Steele Sabine Place, LLC 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 rehabilitation.
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
rehabilitation of the Sabine Place Apartments has been provided to the City Council by FW
Steele Sabine Place,LLC 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 Steele Sabine
Place, LLC 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.
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Resolution No.4865-11-2017
4. After due consideration of the information provided by FW Steele Sabine Place, LLC and any
public comment on the proposed development, the City Council does not object to the
application of FW Steele Sabine Place, LLC to the Texas Department of Housing and
Community Affairs for 2017 Non-Competitive (4%) Housing Tax Credits for the purpose of
the rehabilitation of Sabine Place Apartments.
Adopted this 14`h day of November, 2017.
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 11/14/2017 - Resolution No. 4865-11-2017
DATE: Tuesday, November 14, 2017 REFERENCE NO.: G-19167
LOG NAME: 19SABINEPLACEAPARTMENTSRESOLUTION
SUBJECT:
Conduct Public Hearing on the Application by FW Steele Sabine Place, LLC, to the Texas Department of
Housing and Community Affairs for Non-Competitive Housing Tax Credits for the Rehabilitation of the
Sabine Place Apartments Currently Located at 1215 Terminal Road and Adopt Resolution of No Objection
to the Application (COUNCIL DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing to allow citizen comment on the application of FW Steele Sabine Place, LLC,
to the Texas Department of Housing and Community Affairs for 2017 Non-Competitive (4%) Housing Tax
Credits for the proposed rehabilitation of the Sabine Place Apartments, a mixed income multi-family
development located at 1215 Terminal Road; and
2. Adopt the attached Resolution of No Objection to the application by FW Steele Sabine Place, LLC, to
the Texas Department of Housing and Community Affairs for 2017 Non-Competitive (4%) Housing Tax
Credits for the rehabilitation of the Sabine Place Apartments.
DISCUSSION:
FW Steele Sabine Place, LLC, an affiliate of Steele Acquisitions II LLC, is applying to the Texas
Department of Housing and Community Affairs (TDHCA) for 2017 Non-Competitive (4%) Housing Tax
Credits for the rehabilitation of the Sabine Place Apartments, a mixed income multifamily development
and has requested support from the City of Fort Worth. 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.
The Sabine Place Apartments has approximately 72 units, of which one will be renovated for community
amenities. Eight units will be set aside for households earning less than 30% of area median income
(AMI) with the remainder to be affordable to households with incomes at or below 60 percent of AMI. The
development will remain zoned "F" - General Commercial. The development currently has a Housing
Assistance Payments Contract and as a result will not be required to set aside defined percentages of
units for market rate, Rental Assistance Demonstration or Permanent Supportive Housing units, in
accordance with the City's Policy for Council Resolutions for Tax Credit Projects. The development will
have two and three bedroom units and amenities will include an upgrade to the children's play area.
At its meeting on September 21, 2017, the Fort Worth Housing Solutions (FWHS) Board of Directors
approved partnering with Steele Properties II, LLC by becoming the managing member of the FW Steele
Sabine Place, LLC, the entity that will rehabilitate, own and manage the Sabine Place Apartments. In
addition to becoming the managing member, the FWHS will own the land and continue to provide 71
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project based vouchers.
Following the close of the public hearing, Staff requests that the City Council consider the attached
Resolution of No Objection to support the application for 2017 Non-Competitive (4%) Housing Tax Credits
for the rehabilitation of the Sabine Place Apartments. The development 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.
This development is located in COUNCIL DISTRICT 2.
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
on the Fiscal Year 2018 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 # moun
ID ID Year Chartfield 2
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Aubrey Thagard (8187)
Avis F. Chaisson (6342)
Additional Information Contact: Alice Cruz (7322)
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