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Home My WebLink AboutResolution 5550-03-2022 A Resolution NO. 5550-03-2022 A RESOLUTION OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT APPLICATION FOR THE REHABILITATION OF MARINE PARK APARTMENTS 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, Marine Park 34, LLC, an affiliate of Think Housing Development, LP, has proposed the rehabilitation of a 124-unit, multi-family, affordable apartment complex named Marine Park Apartments, located at 3144 NW 33rd Street in the City of Fort Worth. The rehabilitation 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; and WHEREAS, Marine Park 34, LLC 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 rehabilitation costs. 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 rehabilitation of Marine Park Apartments has been provided to the City Council by Marine Park 34, LLC 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 Marine Park 34, LLC 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 Marine Park 34, LLC and any public comment on the proposed development, the City Council does not object to the application of Marine Park 34, LLC to the TDHCA for 2022 Non-Competitive (4%) Housing Tax Credits for the purpose of the rehabilitation of Marine Park Apartments. Adopted this 291h day of March, 2022. ATTEST: By: 4aAette S.Goodall(Mar 31,202211 CDT) Jannette S. Goodall, City Secretary ,, ,` ' r IPA A or Aw e .- + ,tom �•��. . - 61:6 t -10, ALL i A Marine Park Apartments District 9 3144 NW 33rd St. Foe�H. 0 0.05 0.1 " e ®Copyright2g22 Oily at Fart Worth.Unauthorized reproductlon is a viots4on of applicable Iaws.This product ts 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. Miles 5 The City of Fort Worth assumes no responsidlity for the accuracy of said data. »_ , ' ■ - \ \ ro _ | ` Proposed Site Q� — '/ � 7 y- C .1 Q :■ . E } j . ) \ r \ , ' DISTRICT diL DdKc� lg JL - IF . 6 \ , � , �■� ~ ® '! z � - 4 0. , , . _ t Mane Park Apartments District § 314 NW 33m St N m�, 0 0.075 015 ' ___City,Fort Worth.______._=.applicable_m_a_ informational ._w__. Miles , it �purposes� e preparedfor the a=u.cy of dilate._� City of Fort Worth, Texas Mayor and Council Communication DATE: 03/29/22 M&C FILE NUMBER: M&C 22-0215 LOG NAME: 19MARINEPARKRESOLUTION SUBJECT (CD 2)Conduct a Public Hearing on the Application by Marine Park 34, LLC to the Texas Department of Housing and Community Affairs for Non- Competitive(4%)Housing Tax Credits for the Rehabilitation of the Marine Park Apartments Located at 3144 NW 33rd Street and Adopt a Resolution of No Objection to the Application (PUBLIC HEARING-a.Report of City Staff:Justin McLaughlin;b.Public Comment;c.Council Action:Close the 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 Marine Park 34,LLC to the Texas Department of Housing and Community Affairs for 2022 Non-Competitive(4%)Housing Tax Credits for the rehabilitation of Marine Park Apartments,a multifamily affordable apartment complex,located at 3144 NW 33rd Street;and 2. Adopt the attached Resolution of No Objection to the application by Marine Park 34, LLC to the Texas Department of Housing and Community Affairs for 2022 Non-Competitive(4%)Housing Tax Credits for the rehabilitation of the Marine Park Apartments,an existing multifamily development. DISCUSSION: Marine Park 34, LLC is applying to the Texas Department of Housing and Community Affairs(TDHCA)for 2022 Non-Competitive(4%)Housing Tax Credits for the rehabilitation of Marine Park Apartments,a multi-family affordable apartment complex,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 rehabilitation 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 rehabilitation. Marine Park Apartments will be completely renovated from the interior of the apartment units to the exterior of the property's buildings.Marine Park Apartments will consist of approximately 124 units;there will be 110 units set aside for households eaming 60 percent or less of Area Median Income(AMI),with another 14 units set aside for households earning 0-30 percent of AMI.The rehabilitation will consist of one-,two-,and three- bedroom units;also included will be a new learning center,open to the public,where after school programs will be held.A fitness center,splash pad,playground,and barbecue area will help residents build a sense of community.Marine Park Apartments are located within close proximity to public transportation,a job center,schools,and nearby amenities including Buck Sampson Park and North Tri-Ethnic Community Center. 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).The Marine Park Apartment rehabilitation meets this policy requirement with 11 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 rehabilitation of Marine Park Apartments.The project 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 2. 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 Additional Information Contact: Justin McLaughlin 7369