HomeMy WebLinkAboutResolution 3973-03-2011A Resolution
NO. 3973 -03 -2011
SUPPORTING A LOW INCOME HOUSING TAX CREDIT APPLICATION AND
ALLOWING THE CONSTRUCTION OF ESPERANZA COVE SENIOR
APARTMENTS
WHEREAS, the City of Fort Worth's 2011 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 2010 -2013 Consolidated Plan makes the development of
quality affordable accessible rental housing units for low income residents of the City of Fort Worth
( "City") a high priority;
WHEREAS, Esperanza Cove, Ltd. has proposed a development for affordable senior rental
housing consisting of sixty -one multifamily senior rental apartments located at 2819 E. Belknap in the
Six Points Urban Village in Fort Worth to be called the Esperanza Cove Senior Apartments;
WHEREAS, Esperanza Cove, Ltd. is a Texas limited partnership consisting of an affiliate of the
Fort Worth Housing Finance Corporation as general partner and an affiliate of NRP Holdings, LLC as
limited partner, among others;
WHEREAS, Esperanza Cove, Ltd. intends to submit an application to the Texas Department of
Housing and Community Affairs ( "TDHCA ") for 2011 Low Income Housing Tax Credits ( "LIHTC ")
for Esperanza Cove Senior Apartments (the "Development ") proposing New Construction;
WHEREAS, pursuant to Section 49.8(2)(B) of the Texas Administrative Code, the City Council
acknowledges that the proposed New Construction Development is located one linear mile or less from
an older development that serves the same type of household as the new Development and that older
development has received an allocation of LIHTC for New Construction since December 2007;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS THAT:
The City of Fort Worth supports the proposed Esperanza Cove Senior
Apartments (the "Development "), and the City Council has voted
specifically to approve the construction of the Development and to
authorize an allocation of Low Income Housing Tax Credits for the
Development.
ORT WORT
'T
RESOLUTION NO. 3973 -03 -2011
2. Further, the City Council of the City of Fort Worth, Texas believes
there is a need for additional affordable housing units in the City.
Adopted this 22nd day of March 2011.
ATTEST:
By: 1 - - -� - - - -- —C - -- - - - - --
Marty Hendrix, C y Secretary
ORT WO
R`1
APPROVED
CITY COUNCIL
,^ _ .
MAR 2 2 2011
City SGUO-fary of the
City of Fb" Worth, Terns
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 312212011 - Res. No. 3973 -03 -2011
DATE: Tuesday, March 22, 2011 REFERENCE NO.: * *G -17229
LOG NAME: 17ESPERANZA COVE APARTMENTS RESOLUTION
SUBJECT:
Adopt Resolution Supporting the 2011 Low Income Housing Tax Credit Application for the Esperanza Cove
Senior Apartments Located at 2819 East Belknap and Waiving the One Mile, Three Year Rule (COUNCIL
DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council adopt the attached Resolution supporting the 2011 Low Income
Housing Tax Credit application for the Esperanza Cove Senior Apartments located at 2819 East Belknap
and waiving the One Mile, Three Year Rule.
DISCUSSION:
On January 25, 2011, City Council approved the award of $850,000.00 in HOME funds to Esperanza
Cove, Ltd. for the development of the Esperanza Cove Senior Apartments (M &C C- 24713). Esperanza
Cove. Ltd., a Texas limited partnership, will develop, own and manage the project. The Fort Worth
Housing Finance Corporation has ageed to join the limited partnership and has formed Esperanza Cove
GP, LLC to act as General Partner. NRP Holdings, LLC will also participate as a limited partner. The
development consists of the new construction of up to 61 multifamily senior rental apartments to be
located at 2819 East Belknap in the Six Points Urban Village. The development will be available for rent
to households earning at or below 60 percent of area median income.
Esperanza Cove Ltd. is submitting an application for 2011 Low Income Housing Tax Credits ( LIHTC) to
the Texas Department of Housing and Community Affairs for the Esperanza Cove Senior Apartments. In
order for the application to be competitive, the City Council must approve a resolution supporting the
development and waiving the "One Mile, Three Year Rule ". The State of Texas Qualified Action Plan
states that proposed LIHTC projects cannot be located within one linear mile of an existing LIHTC project
if the older project received tax credits within three years of the date of the current Application
Round. This rule can be waived by vote of the local jurisdiction specifically allowing the construction of the
new development. Race Street Lofts located at 2817 Race Street is the LIHTC project located within one
linear mile of the proposed development that received tax credits within the last three years.
City staff recommends that Council approve the attached Resolution supporting the application for tax
credits for Esperanza Cove Senior Apartments and specifically allowing the construction of this
development within one linear mile of another development that received tax credits within the last three
years.
This project is located in COUNCIL DISTRICT 2.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
Logname: 17ESPERANZA COVE APARTMENTS RESOLUTION Page 1 of 2
funds.
FUND CENTERS:
TO Fund /Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office b
Originating Department Head:
Additional Information Contact:
FROM Fund /Account/Centers
Susan Alanis (8180)
Jay Chapa (5804)
Cynthia Garcia (8187)
Ryan Haden (7329)
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