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HomeMy WebLinkAboutResolution 5519-01-2022 A Resolution NO. 5519-01-2022 A RESOLUTION OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT APPLICATION FOR THE DEVELOPMENT OF TOBIAS PLACE WHEREAS, the City of Fort Worth's 2021 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, Tobias Place, LP, an affiliate of Ojala Partners, LP, has proposed the development of an approximately 292-unit multifamily affordable rental housing development named Tobias Place, located at 505 West Biddison Street and 3500 South Jennings Avenue in the City of Fort Worth, which will include units affordable to households with incomes at or below sixty percent (60%) of Area Median Income and units affordable to households with incomes at or below thirty percent (30%) of Area Median Income; WHEREAS,Tobias Place, LP has advised the City that it intends to submit an application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2022 Non- Competitive (4%) Housing Tax Credits to finance a portion of the costs of development; 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 Tobias Place has been provided to the City Council by Tobias 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 Tobias Place, LP regarding any questions or concerns about the proposed development. 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. After due consideration of the information provided by Tobias Place,LP and any public comment on the proposed development, the City Council does not object to the application of Tobias Place, LP to the TDHCA for 2022 Non-Competitive (4%) Housing Tax Credits for the purpose of the development of Tobias Place. Adopted this 1 lth day of January, 2022. ATTEST: Tc�hnef fe S. Goo�lgll (j �Q By: Jannette S.Goodall(Jan 13,202214:23 CST) Jannette S. Goodall, City Secretary A$ Ash crescent Neighborhood Infill Project L � W .r LF ' ..1rlp�' _�! ■t ',•.1111 tom t Ow .24 mpg LY. `ii� ~`fir Y �� � #,♦ �,'�iS.., i '-ll�S+'v:' �s,•�.' to " 0 600 1,200 FORT WORTH© A Feet ©Copyright 2017 City of Fort Worth. Unauthorized reproduction is a violation of applicable r duct is for informational purposes and may not have been prepared for or suitable for legal, engineering, or surveying purposes. It does not represent an on-the-ground survey and represents only approximate relative location of property boundaries. The City of Fort Worth assumes no responsibility for the accuracy of said data. City of Fort Worth, Texas Mayor and Council Communication DATE: 01/11/22 M&C FILE NUMBER: M&C 22-0020 LOG NAME: 19TOBIASPLACERESOLUTION SUBJECT (CD 9)Conduct a Public Hearing on the Application by Tobias Place, LP to the Texas Department of Housing and Community Affairs for Non- Competitive(4%) Housing Tax Credits for Tobias Place,a Tax-Exempt Development to be Located at 505 West Biddison Street and 3500 South Jennings Avenue and Adopt a Resolution of No Objection to the Application (PUBLIC HEARING-a. Report of City Staff: Chad LaRoque; b.Citizen Presentations;c.Council Action:Close Public Hearing and Act on M&C) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing to allow citizen comment on the application of Tobias Place,LP to the Texas Department of Housing and Community Affairs for 2022 Non-Competitive(4%)Housing Tax Credits for the tax-exempt development of Tobias Place,a multifamily affordable rental housing development,to be located at 505 West Biddison Street and 3500 South Jennings Avenue;and 2. Adopt the attached Resolution of No Objection to the application by Tobias Place, LP to the Texas Department of Housing and Community Affairs for 2022 Non-Competitive(4%)Housing Tax Credits for Tobias Place,a proposed tax-exempt multifamily development. DISCUSSION: Tobias Place, LP is applying to the Texas Department of Housing and Community Affairs(TDHCA)for 2022 Non-Competitive(4%) Housing Tax Credits for the development of Tobias Place,a multifamily affordable rental housing development,and has requested a Resolution of No Objection from the City Council.TDHCA requires Housing Tax Credit applicants to provide a Resolution of No Objection from the governing body of the jurisdiction in which the proposed development will be sited.As part of these TDHCA requirements,the governing body must also conduct a public hearing for citizens to provide comment on the proposed development. Tobias Place will consist of approximately 292 units.There will be 248 units set aside for households earning 60 percent or less of Area Median Income(AMI)with another 44 units set aside for households earning 0-30 percent of AMI.The development will consist of one-,two-,and three- bedroom units with community and activity space including a children's play area,dog run, pool,and co-working and meeting rooms.Tobias Place is located within close proximity to public transportation,downtown medical district, schools and nearby amenities including Capps Park and Victory Forest Community Center. Tobias Place, LP is an affiliate of Ojala Partners, LP,which has developed and owns over 4,000 units of affordable and mixed-income housing across Texas. On November 9,2021, City Council adopted a housing tax credit policy, Mayor and Council Communication(M&C 21-0845),that outlines the requirements for an applicant to receive a Resolution of No Objection for a 4%housing tax credit development.The policy requirement specific to 4% housing tax credit developments states that at least 10 percent of the total units in a development be set-aside for households earning at or below 30 percent of the area median income(AMI).Tobias Place meets this policy requirement with 15 percent of the total units being set-aside for this targeted group. Following the close of the public hearing,Staff requests that the City Council consider the attached Resolution of No Objection to support the application for 2022 Non-Competitive(4%) Housing Tax Credits for the proposed development of Tobias Place.The development will assist the City in fulfilling its goals under its Consolidated Plan and Comprehensive Plan by providing quality,accessible,affordable housing for low-to moderate-income residents and supporting economic development and revitalization. This development is located in COUNCIL DISTRICT 9. A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that approval of these recommendations will have no material effect on City funds. Submitted for City Manager's Office by. Fernando Costa 6122 Originating Business Unit Head: Victor Turner 8187 Amy Connolly 7556 Additional Information Contact: Chad LaRoque 2661