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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9466
January 31, 2012
To the Mayor and Members of the City Council
Page 1 of 2
SUBJECT: PROJECTS APPLYING FOR LOW INCOME HOUSING TAX
CREDITS
On October 5, 2011, the City issued a Request for Proposals (RFP-0358) to award up to
$2,000,000 of funds consisting of HOME Investment Partnerships P
for the 2012-2013 program year and other available City funds. On December 13, 2011, HOME
funds were awarded to two projects, the Fort Worth Housing Authos Hunter Plaza and the
YWCAs Permanent Supportive Housing project. The YWCA informed the C
they are not able to move forward with their project and City funding this year. Therefore, due to
available funding and funding requests from developers applying
Housing Tax Credits (LIHTC), the Housing and Economic Developmen
second RFP in January.
On January 20, 2012, six proposals were submitted for consideration. Proposa
onexperience with LIHTC projects; proximity to retail, schools, and transit; and total private
investment in the project. Staff is recommending support for the of the projects listed below:
Project Name Council RFP No. of Total Dev. Total City Rec. Funding
District Score Units Costs Funds Amount
Requested
Miller Valentine Group
The Reserve at Western Center
2 63/76 184 $23,500,000 $368,000 $368,000
Western Center Blvd. & Blue Mound Road,
Fort Worth, Texas 76131
Sphinx Development Corporation
Harmon Villas
2 58/76 150 $19,801,920 $300,000 $300,000
9592 Harmon Road, Fort Worth, Texas
76177
Carleton Development
th
NE 28 Street & Kimbo Road, Fort Worth, 4 58/76 136 $17,717,820 $1,200,000 $272,000
Texas 76111
NRP Group, LLC
Woodhaven Senior
4 53/76 120 $14,578,040 $250,000 $0
1050 Woodhaven Blvd. Fort Worth, Texas
76112
NuRock Companies
Hilton Annex
9 40/76 104 $17,000,000 $2,000,000 $0
815 Commerce Street, Fort Worth, Texas
76102
Pilot Properties
Amberwood Apartment Complex
9 23/76 52 $750,000 $250,000 $0
800 Hamsted Street, Fort Worth, Texas
76115
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9466
January 31, 2012
To the Mayor and Members of the City Council
Page 2 of 2
SUBJECT: PROJECTS APPLYING FOR LOW INCOME HOUSING TAX
CREDITS
All of the projects recommended for funding will have units avai
households earning sixty percent or below of the area median income. Typical re
and three bedroom units range from $399 to $1100. In addition, projects recommended for
funding will be required to have their letters of support from the community by February 14 in
order to be included in the M&C for Council approval. M&Cs for
resolutions of support will be on the February 21, 2012 Council
questions regarding, please contact Jay Chapa at 817-392-5804.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS