HomeMy WebLinkAboutResolution 6058-02-2025A Resolution
NO. 6058-02-2025
UPDATED RESOLUTION OF NO OBJECTION TO SUPPORT A
HOUSING TAX CREDIT APPLICATION FOR THE
DEVELOPMENT OF COLUMBIA RENAISSANCE SQUARE III,
ACKNOWLEDGE THAT THE DEVELOPMENT IS LOCATED
WITHIN ON LINEAR MILE OR LESS FROM A HOUSING TAX
CREDIT DEVELOPMENT THAT SERVES THE SAME TARGET
POPULATION, AND ACKNOWLEDGE THAT THE
DEVELOPMENT IS LOCATED IN A CENSUS TRACT THAT HAS
MORE THAN 20% HOUSING TAX CREDIT UNITS PER TOTAL
HOUSEHOLD
WHEREAS, the City of Fort Worth's 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 Consolidated Plan makes the development of
quality, affordable, accessible rental housing units for the City's low-income residents a high
priority;
WHEREAS, Columbia Renaissance Square III, L.P. an affiliate of Columbia Residential
Communities, LLC. ("Developer"), has proposed the new construction of a 100-unit multifamily
affordable rental housing development named Columbia Renaissance Square III, located at 2757
Moresby Street in the City of Fort Worth ("Project"), which will provide units affordable to
households with incomes at or below sixty percent (60%) of Area Median Income and thirty
percent (30%) of Area Median Income;
WHEREAS, Columbia Renaissance Square III, L.P. previously advised the City that it
intended to submit an application to the Texas Department of Housing and Community Affairs
("TDHCA") for 2023 Non -Competitive (4%) Housing Tax Credits to finance a portion of the costs
of development;
WHEREAS, the Fort Worth City Council adopted a resolution of no objection to this
Project, which resolution included certain required acknowledgements (Resolution 5831-10-
2023);
WHEREAS, the Developer opted to defer applying for tax credits until 2024, with all
elements of the Project remaining the same;
WHEREAS, the Fort Worth City Council adopted an updated resolution of no objection
to this Project, which resolution included certain required acknowledgements (Resolution 5990-
08-2024);
WHEREAS, the Developer received notification of an award of 4% tax credits and a
reservation of tax-exempt bonds in August 2024;
WHEREAS, the State requires bond financing to be closed within 180 days of bond
issuance, and the Developer was unable to meet this timeframe;
CFW Resoiution 6058-02-2025
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WHEREAS, the Developer is required by TDHCA to re -apply for 4% tax credits under
TDHCA's 2025 Qualified Allocation Plan ("QAP") requiring a new resolution of no objection, and
all elements of the Project remain the same;
WHEREAS, the Developer is requesting a revised resolution in connection with its 2025
application;
WHEREAS, the QAP states that the governing body of the appropriate municipality where the
developer is to be location must by vote specifically to allow the construction of a new
development located within one (1) linear mile or less from a development which serves the same
target population; and
WHEREAS, the QAP also states that applications for developments that will be located in a
census tract with more than twenty percent (20%) Housing Tax Credit units per total households as
established by the five (5) year American Community Survey are ineligible for Housing Tax Credits
unless the governing body of the jurisdiction in which the development will be located states that it has
no objection to the application, and that the governing body must also submit a resolution to TDHCA
stating that the proposed development is consistent with the jurisdictions obligation to affirmatively
further fair housing.
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 Columbia Renaissance Square III has been provided to the City
Council by Columbia Renaissance Square III, L.P. 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 Columbia
Renaissance Square III, L.P. regarding any questions or concerns about the proposed
development.
3. Consideration of this Resolution was undertaken at an open meeting for which notice
was provided in accordance with the Texas Open Meetings Act, with the public having
the opportunity to provide public comment on the proposed development, thus
constituting a hearing on the matter in accordance with Section 2306.67071(b) of the
Texas Government Code.
4. The City of Fort Worth, acting through its City Council, additional confirms that Columbia
Renaissance Square III is located in a Neighborhood Empowerment Zone (NEZ).
Accordingly, development fees will be waived pursuant to the NEZ Policy, which such
waiver being an amount of no less than $500.00, conditioned upon its receipt of Housing
Tax Credits. The City Council also finds that the waiver of such fees serves the public
purpose of providing quality, accessible, affordable housing to low- and moderate -income
housings in accordance with the City's Comprehensive Plan and Action Plan, and that
adequate controls are in please through the City's Neighborhood Services Department to
carry out such public purpose.
5. The City of Fort Worth, acting through its City Council, acknowledges that Columbia
Renaissance Square III is located one (1) linear mile or less from a development that serves
the same target population as the proposed Columbia Renaissance Square III and received
an allocation of Housing Tax Credits for new construction or adaptive reuse within the
CFW Resolution 6058-02--2025
Page 3 of 3
previous three years and this formal action has been taken to put on record the opinion
expressed by the City Council of the City of Fort Worth to authorize the development to
move forward.
6. The City of Fort Worth, acting through its City Council, acknowledges that Columbia
Renaissance Square III will be located in a census tract that has more than twenty percent
(20%) Housing Tax Credit units per total households, that the City Council has no objection
to the construction to the construction of the development, that it has determined that the
development is consistent with the City's obligation to affirmatively further fair housing,
and that this formal action has been taken to put on record the opinion expressed by the City
Council of the City of Fort Worth.
7. After due consideration of the information provided by Columbia Renaissance Square
III, L.P. and any public comment on the proposed development, the City Council does
not object to the application of Columbia Renaissance Square III, L.P. to the TDHCA
for 2025 Non -Competitive (4%) Housing Tax Credits for the purpose of the
development of Columbia Renaissance Square III.
Adopted this I I' day of February 2025.
ATTEST:
7annette S. Goodall, City Secretary
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