HomeMy WebLinkAbout(0103) FINAL Avenue at Sycamore Park.PDFA Resolution
NO.
SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR AVENUE AT SYCAMORE
PARK, COMMITTING DEVELOPMENT FUNDING, AND DETERMINING THAT AVENUE
AT SYCAMORE PARK CONTRIBUTES MORE THAN ANY OTHER DEVELOPMENT TO
THE CITY'S CONCERTED REVITALIZATION EFFORTS IN NEIGHBORHOOD
EMPOWERMENT ZONE AREA SIX
WHEREAS, the City's 2019 Comprehensive Plan is supportive of the preservation,
improvement, and development of quality, affordable, accessible housing;
WHEREAS, the City's 2018-2022 Consolidated Plan makes the development of quality,
affordable, accessible rental housing units for low income residents of the City a high priority;
WHEREAS, CSH Avenue at Sycamore Park, Ltd., an affiliate of Brompton Community
Housing Development Corporation, has proposed a development for mixed income affordable
multifamily rental housing named Avenue at Sycamore Park to be located at 2601 Avenue J in the City
of Fort Worth;
WHEREAS, CSH Avenue at Sycamore Park, Ltd. has advised the City that it intends to submit
an application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2020
Competitive (9%) Housing Tax Credits for the Avenue at Sycamore Park apartments, a new complex
consisting of approximately 114 units, of which at least ten percent (10%) of the total units will be set
aside for households earning at or below thirty percent (30%) Area Median Income and at least ten
percent (10%) of the total units will be market rate units;
WHEREAS, TDHCA's 2020 Qualified Allocation Plan ("QAP") provides that an application
for Housing Tax Credits may receive seventeen (17) points for a resolution of support from the
governing body of the jurisdiction in which the proposed development site is located;
WHEREAS, the QAP also states that an application may receive one (1) point for a commitment
of development funding from the city in which the proposed development site is located;
WHEREAS, the QAP also provides that an application may qualify for an additional two (2)
points if a development is explicitly identified in a resolution as "contributing more than any other to the
concerted revitalization efforts" of a municipality;
WHEREAS, the City created Neighborhood Empowerment Zones ("NEZ") beginning in 2001
in accordance with Chapter 378 of the Texas Local Government Code in order to promote affordable
housing and economic development in the designated zones. The City consolidated its 20 NEZs into (6)
NEZs in January 2019 (M&C G-19469). All of the City's NEZs are included in the City's annual
Comprehensive Plan as part of its goal of revitalizing central city neighborhoods and commercial
districts (2018 Comprehensive Plan, Part II, Chapter 5:Housing);
WHEREAS, the Avenue at Sycamore Park apartments are located in NEZ Area Six; and
WHEREAS, the City has determined that the application for Avenue at Sycamore Park
apartments submitted to TDHCA by CSH Avenue at Sycamore Park, Ltd. qualifies as the development
contributing more than any other to the concerted revitalization efforts of the City in NEZ Area Six.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
The City of Fort Worth, acting through its City Council, hereby confirms that it supports the
application of CSH Avenue at Sycamore Park, Ltd. to the Texas Department of Housing and
Community Affairs for 2020 Competitive (9%) Housing Tax Credits for the purpose of the development
of the Avenue at Sycamore Park apartments to be located at 2601 Avenue J (TDHCA Application No.
20115), 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.
The City of Fort Worth, acting through its City Council, additionally confirms that it will commit
to fee waivers in an amount not exceed $2,500.00 to CSH Avenue at Sycamore Park, Ltd. conditioned
upon its receipt of Housing Tax Credits. The City Council also finds that the waiver of such fees serves
the public purpose of providing quality, accessible, affordable housing to low and moderate income
households in accordance with the City's Comprehensive Plan and Action Plan, and that adequate
controls are in place through the City's Neighborhood Services Department to carry out such public
purpose.
The City of Fort Worth, acting through its City Council, hereby identifies Avenue at Sycamore
Park apartments (TDHCA Application No. 20115) as the development in the 2020 Competitive (9%)
Housing Tax Credit Application round that contributes more than any other to the concerted
revitalization efforts of the City in Neighborhood Empowerment Zone Area Six, 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.
The City of Fort Worth, acting through its City Council, further confirms that the City has not first
received any funding for this purpose from the applicant, affiliates of the applicant, consultant, general
contractor or guarantor of the proposed development or any party associated in any way with the
applicant, CSH Avenue at Sycamore Park, Ltd.
Adopted this 18th day of February, 2020.
ATTEST:
By:
Mary J. Kayser, City Secretary