Loading...
HomeMy WebLinkAbout(0105) FINAL Crossroads Apartments.PDFA Resolution NO. SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR CROSSROADS APARTMENTS, COMMITTING DEVELOPMENT FUNDING, DETERMINING THAT CROSSROADS APARTMENTS CONTRIBUTES MORE THAN ANY OTHER DEVELOPMENT TO THE CITY'S CONCERTED REVITALIZATION EFFORTS IN THE NEAR EAST SIDE URBAN VILLAGE, ACKNOWLEDGE THAT CROSSROADS APARTMENTS IS LOCATED ONE LINEAR MILE OR LESS FROM A DEVELOPMENT THAT SERVES THE SAME TARGET POPULATION, AND DETERMINING THAT CROSSROADS APARTMENTS IS LOCATED WITHIN A CENSUS TRACT THAT HAS A POVERTY RATE ABOVE FORTY PERCENT 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, Crossroads Apartments, LP, an affiliate of Union Gospel Mission of Tarrant County, has proposed a development for mixed income supportive affordable multifamily rental housing named Crossroads Apartments to be located at 1105 E. Lancaster Avenue in the City of Fort Worth; WHEREAS, Crossroads Apartment, LP 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 Crossroads Apartments, a new complex consisting of approximately 68 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 Urban Villages beginning in 2002 in order to promote central city revitalization and create districts which are more compact, contain a greater mix of land uses, and give greater emphasis to pedestrian and transit access. There are currently sixteen (16) Urban Villages, all of which are included in the City's annual Comprehensive Plan as part of its goal of revitalizing central city neighborhoods and commercial districts (2019 Comprehensive Plan, Part III, Chapter 10:Economic Development; WHEREAS, the Crossroads Apartments are located in the Near East Side Urban Village; WHEREAS, the City has determined that the application for Crossroads Apartments submitted to TDHCA by Crossroads Apartments, LP qualifies as the development contributing more than any other to the concerted revitalization efforts of the City in the Near East Side Urban Village; WHEREAS, the QAP states that the governing body of the appropriate municipality where the development is to be located must by vote specifically allow the construction of a new development located within one (1) linear mile or less from a development which serves the same target population; and WHEREAS, the QAP also states that if proposed development will be located in a census tract with a poverty rate above forty percent (40%) for individuals, the governing body of the appropriate municipality must acknowledge the high poverty rate and authorize the development to move forward with its application for tax credits. 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 Crossroads Apartments, LP to the Texas Department of Housing and Community Affairs for 2020 Competitive (9%) Housing Tax Credits for the purpose of the development of the Crossroads Apartments to be located at 1105 E. Lancaster Avenue (TDHCA Application No. 20224), 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 Crossroads Apartments, LP 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 Crossroads Apartments (TDHCA Application No. 20224) 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 the Near East Side Urban Village , 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, acknowledges that Crossroads Apartments is located one (1) linear mile or less from a development that serves the same target population as the proposed Crossroads Apartments and has received an allocation of Housing Tax Credits for new construction and adaptive reuse after January 3, 2017, and this formal action has been taken to put on record the opinion expressed by the City Council of the City of Fort Worth to authorize the development to move forward. The City of Fort Worth, acting through its City Council, acknowledges that Crossroads Apartments will be located in a census tract that has more than forty percent (40%) poverty rate among individuals and authorizes the development to move forward with its application for tax credits. 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, Crossroads Apartments, LP. Adopted this 18th day of February, 2020. ATTEST: By: Mary J. Kayser, City Secretary