HomeMy WebLinkAboutResolution 4921-03-2018 A Resolution
NO. 4921-03-2018
A RESOLUTION OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT
APPLICATION FOR THE DEVELOPMENT OF THE STALLION RIDGE
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 Stallion Ridge,LP,an affiliate of LDG Development,LLC,has proposed
the development of an approximately 204-unit mixed income multifamily rental housing
development named the Stallion Ridge Apartments, located southeast of the intersection of South
Race Street and Shelby Lane at approximately 9128 Crimson Lane and 9105 Azure Lane in the
City of Fort Worth,which includes units affordable to households with incomes at or below sixty
percent (60%) of Area Median Income, Rental. Assistance Demonstration units, and market rate
units;
WHEREAS, FW Stallion Ridge, LP has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2018
Non-Competitive (4%)Housing Tax Credits to finance a portion of the costs of development;
WHEREAS, the proposed development site of the Stallion Ridge Apartments is located
one linear mile or less from another development which serves the same type of households and
which received an allocation of Housing Tax Credits or private activity bonds after March 27,
2015, and TDHCA's One Mile Three Year Rule in the 2018 Qualified Action Plan ("QAP")
requires the governing body of the local jurisdiction to vote specifically to allow the construction
of a new development located within one(1)mile or less of a current development which received
tax credits within the last three (3) years; and
WHEREAS, the 2018 QAP also states that applications for developments that will be
located in a census tract with more than twenty percent (20%) Housing Tax Credit units per total
households as established by the five (5) year American Community Survey must be specifically
allowed by the governing body of the jurisdiction, and that the governing body must also submit
a resolution to TDHCA stating that the proposed development is consistent with the jurisdiction's
obligation to affirmatively further fair housing.
FoRTWOUH
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 Stallion Ridge Apartments has been provided to the City
Council by FW Stallion Ridge, 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 Stallion
Ridge, 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. Pursuant to Section 11.3(d) of the Texas Administrative Code,the City of Fort Worth,
acting through its City Council, acknowledges that the proposed development site of
the Stallion Ridge Apartments is located one (1) linear mile or less from another
development which serves the same type of households and which received an
allocation of Housing Tax Credits for New Construction since March 27, 2015, that it
has voted specifically to allow the construction of the Stallion Ridge Apartments and
to authorize an allocation of Housing Tax Credits for the development, and that this
formal action has been taken to put on record the opinion expressed by the City Council
of the City of Fort Worth.
5. Pursuant to Section 11.3(e) and 11.4(c)(1) of the Texas Administrative Code,the City
of Fort Worth, acting through its City Council, acknowledges that the Stallion Ridge
Apartments will be located in a census tract that has more than twenty percent (20%)
Housing Tax Credit units per total households, that the City Council has voted
specifically to allow the construction of the development, that it has determined that
the development is consistent with the City's obligation to affirmatively further fair
housing, and that this formal action has been taken to put on record the opinion
expressed by the City Council of the City of Fort Worth.
6. After due consideration of the information provided by FW Stallion Ridge, LP and any
public comment on the proposed development, the City Council does not object to the
application of FW Stallion Ridge, LP to the TDHCA for 2018 Non-Competitive (4%)
Housing Tax Credits for the purpose of the development of the Stallion Ridge
Apartments.
Adopted this 27'1'day of March, 2018.
ATTEST:
By:
Mary J. Kay r i retary
ORTWQ
Stallion Ridge Apartments
Council District 8
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION. ;ApprovoO on..3/27�241.8 - Resofu#io�ti.:No 2�l
DATE: Tuesday, March 27, 2018 REFERENCE NO.: G-19254
LOG NAME: 19STALLION RIDGE RESOLUTION
SUBJECT:
Conduct Public Hearing on the Application by FW Stallion Ridge, LP to the Texas Department of Housing
and Community Affairs for Non-Competitive Housing Tax Credits for the Development of the Stallion Ridge
Apartments to be Located Southeast of the Intersection of South Race Street and Shelby Lane, Adopt a
Resolution of No Objection to the Application, Acknowledge that the One Year, Three Mile Rule Applies to
the Proposed Development, and Make Related Determinations (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing to allow citizen comment on the application of FW Stallion Ridge, LP, to the
Texas Department of Housing and Community Affairs for 2018 Non-Competitive (4%) Housing Tax
Credits for the proposed development of the Stallion Ridge Apartments to be located southeast of the
intersection of South Race Street and Shelby Lane at approximately 9128 Crimson Lane and 9105 Azure
Lane;
2. Adopt the attached Resolution of No Objection to the application by FW Stallion Ridge, LP, to the Texas
Department of Housing and Community Affairs for 2018 Non-Competitive (4%) Housing Tax Credits for
the development of the Stallion Ridge Apartments;
3. Acknowledge that the One Year, Three Mile Rule applies to the Stallion Ridge Apartments and agree
to specifically allow the construction of the development and an allocation of Housing Tax Credits for it;
and
4. Determine that the Stallion Ridge Apartments are specifically allowed to be located in a census tract
that has more than 20% Housing Tax Credit units per total households and affirm that the development is
consistent with the City's obligation to affirmatively further fair housing.
DISCUSSION:
FW Stallion Ridge, LP, an affiliate of LDG Development, LLC, is applying to the Texas Department of
Housing and Community Affairs (TDHCA) for 2018 Non-Competitive (4%) Housing Tax Credits for the
development of the Stallion Ridge Apartments, a mixed income multifamily rental housing 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 Stallion Ridge Apartments will have approximately 204 units. There will be 11 market rate units, 26
Rental Assistance Demonstration (RAD) units for households earning 50% or less of Area Median Income
(AMI), 20 units for Project Based Voucher (PBV) holders earning between 61% to 80% of AMI, and 147
Logname: 19STALLION RIDGE RESOLUTION Pagel of 3
units for households earning 51% to 60% of AMI. The development will have one-, two-, three-, and four-
bedroom units. The amenities include a clubhouse, community pool, theatre, exercise rooms,
heath/wellness classes, and a "tot-lot" and children's playground. The Stallion Ridge Apartments meet the
City's criteria in its Housing Tax Credit policy to receive a Resolution of No Objection from the City Council
for its application for Non-Competitive (4%) Housing Tax Credits as it has 5% market rate units and 12%
RAD units.
At its meeting on October 19, 2017, the Fort Worth Housing Solutions (FWHS) Board of Commissioners
approved a partnership with LDG Multifamily, LLC wherein FWHS will be the sole member of FW Stallion
Ridge, GP LLC, which will be the general partner of FW Stallion Ridge, LP, the entity that will construct,
own and manage the Stallion Ridge Apartments. FWHS will own the land on which the development is
sited. The development will be exempt from property taxes.
Zoning for the development will need to change from "R2" (Townhouse/Cluster) to "CR" (Low Density
Multifamily). The developer has contacted the Clear Creek Property Owners Association about the zoning
change and the development.
The Stallion Ridge Apartments will be located within one linear mile of another development serving the
same type of households which received an allocation of Housing Tax Credits or private activity bonds for
any New Construction after March 27, 2015. TDHCA's One Mile, Three Year Rule requires the local
jurisdiction to vote specifically to allow the construction of a new development located within one mile or
less of a current development which received tax credits within the last three years. Staff recommends
that City Council vote specifically to allow the development of the Stallion Ridge Apartments.
TDHCA rules state that if a proposed development will be located in a census tract with more than 20%
Housing Tax Credit units per total households as established by the five year American Community
Survey, it will be ineligible for Housing Tax Credits unless the governing body of the jurisdiction votes to
specifically allow it and also submits a Resolution to TDHCA stating that the proposed development is
consistent with the jurisdiction' s federal obligation to affirmatively further fair housing. The Stallion Ridge
Apartments will be located in such a census tract. Staff recommends that City Council vote specifically to
allow the development and approve the additional determination in the attached Resolution of No
Objection that the development is consistent with the City' s obligation to affirmatively further fair housing.
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 2018 Non-Competitive (4%) Housing Tax Credits
for the proposed development of the Stallion Ridge 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 proposed development is subject to all applicable City laws, ordinances, policies and procedures
including those pertaining to zoning changes and annexation. Councilmember support for purposes of this
Resolution does not constitute approval of any required zoning change or annexation.
This development is located in COUNCIL DISTRICT 8.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that under the Agreement to develop the Stallion Ridge Apartments, Fort
Worth Housing Solutions will be the real property owner and a part of the ownership of the
improvements. As such, the development will be exempt from paying property taxes in the approximate
amount of$178,486.00 per year.
Logname: 19STALLION RIDGE RESOLUTION Page 2 of 3
FUND IDENTIFIERS (FIDs):
TO
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year (Chartlield 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)
Additional Information Contact: Chad LaRoque .(2661)
Logname: 19STALLION RIDGE RESOLUTION Page 3 of 3