HomeMy WebLinkAboutCFW 2020 Housing Tax Credit Policy2020 Proposed
Affordable Housing Tax Credit Policy
Presented to the Council WorksessionTuesday, November 12, 2019
Amy Connolly, Assistant DirectorNeighborhood Services Department
Policy Requirements for Tax Credit Applications
Permanent Supportive Housing (PSH)
Designed to help end chronic homelessness; housing residents on the CoC list
0-30% Units
Units set aside for household earning at or below 30% Area Median Income
1 person 30% AMI is $16,000 annual household income
4 person 30% AMI is $22,800 annual household income
Mix of affordable and market rate units
Create mixed income communities for better quality of life
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Last Year’s Effort
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Resolutions of Support,
Local Development Funding,
Concerted Revitalization Plan
Resolution of Support & Local
Development Funding
Resolution of No Objection
Palladium Fain Street Churchill at Golden Triangle Community Residences at Fairmount
Cielo Place Everly Place Reserve at Risinger
Sunset at Fash Place Columbia Renaissance Square III
Avenue at Sycamore Park Southside at Broadway
Project awarded tax credits through TDHCA
Proposed 2020 9% and 4% Tax Credit Policy
The development may be given a Resolution of Support if a minimum of
10%of the total units are dedicated as market rate units and it has one of
the following:
(a) 5% of the total units dedicated for Permanent Supportive Housing
units; or
(b) 10% of the total units dedicated for households earning at or below
30% Area Median Income (AMI)
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Compare Proposed 2020 Policy to 2019 Policy
2020 –Letters of Support/No Objection 9%
10% Market Rate Required
AND
5% PSH*
OR
10% 0-30% Area Median Income (AMI)
2020 –Letters of No Objection 4%
10% Market Rate Required
AND
5% PSH*
OR
10% 0-30% Area Median Income (AMI)
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2019 –Letter of Support/No Objection 9%
10% Market Rate Required
AND
5% PSH
2019 –Letter of No Objection 4%
10% Market Rate required
AND
5% PSH
*PSH units unlikely in 2020 due to unavailability of Project Based Vouchers
Additional Considerations (9% Only)
Commitment of Development Funding (1 point @ TDHCA)_
City Council, at its discretion, may also choose to offer developments that
qualify for a Resolution of Support a commitment of development funding
in the form of a tax abatement and/or a partial or full waiver of
development fees
Resolutions of No Objection
If a Resolution of Support is not granted, City Council may consider granting
a Resolution of No Objection for the development
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Proposed Changes for “Additional Requirements”
Preference shall be given to developments that were not previously recommended for an award
due to TDHCA’s Two -Mile Same-Year Rule (e.g., Palladium at Fain Street)
Service/Target Population may also be considered (Family, Homeless, etc.)
Council Member, City Staff, School, and Neighborhood Notification -only acceptable proof of
written notification will be one of the following: Return receipt from certified mail, Written
response from recipient, Electronic delivery receipt
Conduct at least two (2)information sessions at least 30 days prior to final City Council action
•Information sessions do not have to be held at a scheduled Neighborhood/Homeowner Association Meeting
•Applicable Associations can be combined into 1 information session
•Additional information sessions may be required if staff deems necessary
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DATE ACTIVITY
November 19 Council consideration & approval of
Proposed 2020 Policy
January 22, 2020 Deadline for developers to submit application to
Neighborhood Services
February 4, 2020 Staff reports and recommendations for developments
to City Council Worksession
February 18, 2020 City Council consideration & approval of resolutions
February 28, 2020 TDHCA deadline for developer’s applications
June, 2020 TDHCA releases list of projects eligible for tax credit
award
Late July, 2020 TDHCA makes final award decisions
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Thank You!