HomeMy WebLinkAboutResolution 4302-02-2014 A Resolution
NO. 4302-02-2014
SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR THE SABINE PLACE
APARTMENTS
WHEREAS, the City's 2013 Comprehensive Plan is supportive of the preservation,
improvement, and development of quality affordable accessible rental and Ownership housing;
WHEREAS, the City's 2013-2018 Consolidated Plan makes the development of quality
affordable accessible rental housing units for low income residents of the City a high priority;
WHEREAS, Think Housing Development LLC, an affiliate of Alara Ventures, LLC, a Texas
limited liability company and Preservation Partners Development III LLC, a California limited liability
company, has proposed to rehabilitate an affordable rental housing development named Sabine Place
Apartments located at 1215 Terminal Road in the City of Fort Worth;
WHEREAS, Think Housing Development LLC has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs ("TDI-ICA") for 2014
Competitive 9% Housing Tax Credits for the Sabine Place Apartments, an existing development to be
rehabilitated into a 74-unit complex; and
WHEREAS, TDHCA's 2014 Qualified .Allocation Plan and Section 2306.6710(b) of the Texas
Government Code provide that an application for Housing Tax Credits may qualify for up to seventeen
(1.7) points for a resolution of support from the governing body of the jurisdiction in which the proposed
development site is located.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
The City of Fort Worth, acting through its City Council, herby confirms that it supports the
application of Think Housing Development LLC to the Texas Department of Housing and Community
Affairs for Housing Tax Credits for the purpose of the rehabilitation of the Sabine Place Apartments
located at 1215 Terminal Road (Application No. 14095), 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.
Adopted this I 8th day of February, 2014. "v *00 .,,
0-0--o4
0
0
ATTEST-
00-0.
ID, 0 W6
L
By
ark J. ay Seer ry 4Y
X
RTWORT
Churchill at Champions Circle
MAvondale A artme"int
p ns
M
87
77
HomeTowne at P residio Ju—nc tionw . Heritage� �.. Park...V.........ista�I I
26
Reserve at Boat Club Road Sabine Place Apartments
u
.. 199
377 26 121
183 121
199
183 !
80 87
XArt at Palladium View 377 183 .. . "" Columbia at Renaissance Square
N
City of Fort Worth, Texas
Mayor and Council Communication
AI 11--11111111100M, I Y-1 0 11 1
C0U?IkCT110N: on 2/18/2014 - Resolution Nos, 4296-0Z-2014, 4297,02-2014, 4298'-02-
2014, 4299-02-2014, 4300-02-2014, 4301-02-2014, 4302702-2014, 4303-02-2014
I.I I I u"f"11.110A�`f I 1.'111`�.,�.,f[VI I�,J�0 If I M I 110 M a m"R WNRAW114—n M 111 In If I I I I I I I I I I I I I I In I(ff#t f f I I I I I If I I I It I I I I I J"AJERS—n I I f—I II I I I I N I I I I—I I.I I 11n�I——.—111111101011 110WHIM,-.——1,11-1111�11
DATE: Tuesday, February 18, 2014 REFERENCE NO.: C-26671
LOG NAME: 172014HOUSINGTAXCREDITRESOLUTIONS
SUBJECT:
Adopt Policy on Requests for Resolutions for Applications to the Texas Department of Housing and
Community Affairs for 2014 Competitive 9% Housing Tax Credits, Adopt Resolutions for 2014 Applications
for Multifamily Housing Developments Located at Various Sites Throughout the City, and Approve
Development Funding for Zenstar Development, LLC and Columbia Renaissance Square 1, L.P.
(COUNCIL DISTRICTS 2, 3, 4, 7 and 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt policy on requests for resolutions for applications to the Texas Department of Housing and
Community Affairs for 2014 Competitive 9% Housing Tax Credits;
2. Acknowledge receipt of requests for support for 2014 Competitive 9% Housing Tax
Credit applications from the Developers listed below;
3. Adopt the attached resolutions for 2014 applications for Competitive 9% Housing Tax
Credits for the multifamily housing developments listed below located at various locations
throughout the City in accordance with the policy', and
4. Approve development funding from City HOME Investment Partnerships Program grant funds
in the amount of$1,500,000,00 to Zenstar Development, LLC and in the amount of$1,200,000.00
to Columbia Renaissance Square 1, L.P., such funding to be conditioned upon, among other things,
an award of Housing Tax Credits and satisfactory completion of federal requirements.
DISCUSSION:
Resolutions for 9% Housing Tax Credits
The Texas Department of Housing and Community Affairs (TDHCA) uses the scoring criteria set out in its
annual Qualified Allocation Plan (QAP) in evaluating and ranking applications for Competitive 9%Housing
Tax Credit (HTC). TDHCA's 2014 QAP and Section 2306.6710 of the Texas Government Code state that
applications may qualify for up to 17 points if they include a resolution of support from the governing body
of the jurisdiction in which the proposed development site is located. Resolutions that state that the
jurisdiction supports the proposed development are worth maximum points while resolutions stating that
the jurisdiction has no objection to the proposed development are worth fewer points.
Staff recommends the following policy for providing HTC resolutions:
1. In order for an application for development to be eligible to receive a Resolution of Support, the
Logname: 172014HOUSING'FAXCR-FDITPESOL*UTIONS Page I of 3
developments must have, ada minimum, evidence mfa firm commitment Df local public funding and
appropriate zoning.
2. An application for development that does not have evidence ofa firm commitment Of local public
funding and/or does not have appropriate zoning will be eligible to receiVe, at n008t. a ReGO|Uti0U of No
Objection.
Therefore, Staff recommends Council adopt the attached Resolutions of Support for:
• Avondale Apartments developed by /\&4TE)(Avondale, LP, @n affiliate ofAMCAL Multi-Housing \UC..
located at Avondale Haslet Road and Route 287, Fort Worth, Texas (M@psoO 4V. 4Z, 5S, 5VV)
• CO|UnObi@ at Renaissance Square developed by Columbia Renaissance Square |. L.P., an affiliate of
New Columbia Residential, LLC' located at 3801 W. G Daniels Onve, Fort Worth, Texas /W1ap8cn
78X\
• Sabine Place Apartments (Rehab) developed by Think Housing Development LLC. an affiliate of
A|a[8VeDtU[eS. LLC and Preservation Partners Development |||. LLC. located at 1215 Te[n0iD8|
Fload, Fort Worth, Texas (W1apsCo4RV)
• Art at Palladium View developed byZenstarDevelopment, LLC. located 8tVV8ntpOint Boulevard and
\KAeSt Loop 820 South, Fort Worth, Texas (MGpSC0 72[})
• Heritage Park Vista Phase Two developed by Heritage Park Vista Housing Partners TvvO. Ltd.. an
affiliate of NuROCk/\oqUisitiOVs. LLC. located at 8729 Ray White Rngd, Fort Worth, Texas (Mapnco
3GC)
• Churchill at Champions Circle developed by Churchill at Champions Circle ConnrnUDity. LP., an
affiliate of Churchill Residential, Inc., located at Champions Circle, Fort Worth, Texas (&4apooO
G43T)
Staff recommend that the City Council adopt the attached Resolutions of No Objection for:
• Reserve at Boat Club Road developed by MV Residential DeVe|OpnneD[ LL{|, an affiliate ofMiller-
Valentine Operations Inc., located at Boat Club Road and Cromwell-Marine, Fort Worth,
Texas (K8apSCo4O[|)
• HorneTovvne at PreoidiO Junction developed by HOrneTVwne at PnasidiO Junction, LP, an affiliate of
Integrated Housing Solutions, LLC. located at Harmon Road and PFesidioViota Drive, Fort Worth,
Texas (K8apSco35/\)
HomeTowne at Presidio Junction receive a Resolution of Support instead of a Resolution of No Objection
since the application meets the policy guidelines.
Approve Local Funding
The 2014 QAP also awards points for a commitment of development funding by a local political
subdivision. Staff presented the R9au|to of the Request for Proposals for use of City H{)&4E Investment
Partnerships Program (H(]K8E) grant funds for housing developments tOthe Housing and Economic
Development Committee on January 7, 2014 and recommended that the City award $1,500,000.00 of
HOME funds to Z8nSt@r OeVe|Vpnl8nt. LLC for the Art at Palladium Vi8vv' and $1.200'000.00 of HOME
funds t0 CO|UOlbi8 Renaissance Square |. L.P. for the Columbia at R8D8iSSGMCg Square. The City will
provide these HOME funds as permanent loans for m minimum term of 15 years, amortized over 30-year
period, atan interest rate nO higher than three percent per annum, with the loans conditioned upon,
among other things, on award of Housing Tax Credits and satisfactory completion of regulatory
requirements. Staff will present separate Mayor and Council Communications for the developments to
Council once all other loan terms have been negotiated.
All of these developments are subject tothe applicable City |@VVa, nrdinances, policies and procedures.
The developments are located in COUNCIL DISTRICTS 2, 3, 4, 7 and 8, Mapsco 4V, 4Z, 5S, 5W, 35A,
36C, 46C, 48V, 72D, 78X and 643T.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO F u nd/Accou nt/C enters FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Cynthia Garcia (8187)
Additional Information Contact: Avis Chaisson (6342)
ATTACHMENTS
1. Avondale Apartments Resolution.doc (Public)
2. Churchill Champions Resolution.doc (Public)
3. Columbia Development Resolution.doc (Public)
4. Heritage Park Vista Resolution.doc (Public)
5. Hometowne Presidio Resolution.doc (Public)
6. Reserve BoatClubRd Resolution.doc (Public)
7. RFPMAP All Developments.pdf (Public)
8. Sabine Place Resolution.doc (Public)
9. Zenstar Development Resolution.doc (Public)
Logname: 172014HOUSIN'GTAXCREDITRESOLUTIONS Page 3 of 3