HomeMy WebLinkAbout(0089) Cowan Place Resolution of No Objection lhr cl VG(2).PDFA Resolution
NO.
A RESOLUTION OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT
APPLICATION FOR THE DEVELOPMENT OF COWAN PLACE
WHEREAS, the City of Fort Worth's 2020 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 2018-2022 Consolidated Plan makes the
development of quality, affordable, accessible rental housing units for the City's low income
residents a high priority;
WHEREAS, FW Cowan Place, LP, an affiliate of McCormick Baron Salazar, Inc. and
Fort Worth Housing Solutions, has proposed the development of an approximately 174-unit mixed
income senior multifamily rental housing development named Cowan Place, located at 5400 East
Rosedale Street in the City of Fort Worth, which includes units affordable to households with
incomes at or below sixty percent (60%) of Area Median Income, units affordable to households
with incomes at or below thirty percent (30%) of Area Median Income, Permanent Supportive
Housing units, and market rate units;
WHEREAS, FW Cowan Place, LP has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2020
Non -Competitive (4%) Housing Tax Credits to finance a portion of the costs of development;
WHEREAS, the proposed development site of Cowan Place is located within a census
tract that has a poverty rate above forty percent (40%) for individuals and TDHCA's 2020
Qualified Action Plan ("QAP") requires the governing body of the local jurisdiction, in the form
of a resolution, to acknowledge the high poverty rate and authorize the development to move
forward; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS, THAT:
1. Notice of intent to file an application for Non -Competitive (4%) Housing Tax Credits
for the development of Cowan Place has been provided to the City Council by FW
Cowan Place, LP in accordance with Section 2306.67071(a) of the Texas Government
Code.
2. The City Council has had sufficient opportunity to obtain a response from FW Cowan
Place, LP regarding any questions or concerns about the proposed development.
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3. The City Council has held a hearing for the purpose of receiving public comment on
the proposed development in accordance with Section 2306.67071(b) of the Texas
Government Code.
4. The City of Fort Worth, acting through its City Council, acknowledges that Cowan
Place will be located in a census tract that has a poverty rate above forty percent (40%)
for individuals, and authorizes the development to move forward with its application
for tax credits.
5. After due consideration of the information provided by FW Cowan Place, LP and any
public comment on the proposed development, the City Council does not object to the
application of FW Cowan Place, LP to the TDHCA for 2020 Non -Competitive (4%)
Housing Tax Credits for the purpose of the development of Cowan Place.
Adopted this 161h day of June, 2020.
ATTEST:
By:
Mary J. Kayser, City Secretary
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