HomeMy WebLinkAbout(0118) M&C 22-0020City 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 La Roque; 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 La Roque 2661