HomeMy WebLinkAbout(0148) M&C 22-0215City 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 earning 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