HomeMy WebLinkAboutResolution 4300-02-2014 A Resolution
NO. 4300-02-2014
SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR THEHOMETOWNE AT
PRESIDIO JUNCTION
WHEREAS, the City's 2013 Comprehensive Plan is supportive of the preser-vation,
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, HorneTowne at Presidio Junction, LP, an affiliate of Integrated Housing Solutions,
LLC, has proposed a development for affordable rental housing named the HomeTowne at Presidio
Junction to be located at Hannon Road and Presidio Vista Dnive in the City of Fort Worth;
WHEREAS, HomeTovme at Presidio Junction, LP has advised the City that it intends to submit
an application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2014
Competitive 9% Housing Tax Credits for the HomeTowne at Presidio Junction, a new 168-unit
complex; and
WHEREAS, TDHCA's 2014 Qualified Allocation Plan (QAP) and Section 2306.6710(b) of the
Texas Government Code provide that an application for Housing Tax Credits may qualify for up to
seventeen (17) points for a resolution of support frorn 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 HomeTowne at Presidio Junction, LP to the Texas Department of Housing and
Com.munity Affairs for Housing Tax Credits for the purpose of the development of the HomeTowne at
Presidio Junction to be located at Harmon Road and Presidio Vista Drive (Application No. 14163), 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 18th day of February, 2014. 0
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Art at Palladium View 377 183 Columbia at Renaissance Square
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City of Fort Worth, Texas
Mayor and Council Communication
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C04INCIL AGTi on 2/18/2014 - Resolution, Nos. 4296-02-2014, 4297-02-2014,4 p,�',, 2-
2014, 4299-02-2014, 4300-02-2014, 4301-02-2014, 4302-02-2014, 4303-02-26,14
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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 I, 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 I, 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: 1720141 1OUSINGTAXCREDITRESOLUTIONS Page I of 3
developments rnuaf have, at a VOini[nunn, evidence of firm cmnnrni1nlert of local public funding and
appropriate zoning.
2. An application for development that does not have evidence Of@ firm commitment of local public
funding and/or does not have appropriate zoning will be eligible to naC8ive' at nnnst. o Resolution ofNO
Objection.
Therefore, Staff recommends Council adopt the attached Resolutions Of Support for:
• Avondale Apartments developed by /\MTEX Avondale, LP' an affiliate Df/\K8CAL Multi-Housing Inc.,
located at Avondale Haslet Road and Route 287, Fort Worth, Texas (M8peCo 4V. 4Z, 5S. 5VV)
• Columbia at Renaissance Gqu3nB developed by Columbia Renaissance Square /. LP.' an affiliate of
New Columbia Residential, LLC. located at 3801 W. G. Daniels O[iVe. Fort YVOdh. Texas /W1gpsCo
78)(\
• Sabine Place Apartments (Rehab) developed by Think Housing Development LLC, an affiliate of
A|8[@ VeOfU[eS' LLC| and Preservation Partners Development |l|. LLC. located at 1215 Terminal
Road' Fort Worth, Texas /MapSCU 40V\
• Ad at Palladium View developed by Z8nsta[ Development, LLC. located at VVmatpOi0t Boulevard and
West Loop 820 South, Fort Worth, Texas (KAapaoo 72[})
• Heritage Park Vista Phase Two developed by Heritage Park Vista Housing Partners Two, Ltd . an
affiliate Of NuRoCk Acquisitions, LLC. located at 8729 Ray White Rood' Fort Worth, Texas (K8apoCO
38C)
• Churchill at Champions Circle developed by Churchill at Champions Circle Cornrnunity, LP.. an
affiliate of Churchill Residential, Inc., located at ChonlpiODS Ciro|8, Fort Worth, Texas /K8apscO
043Tl
Staff recommend that the City Council adopt the attached Resolutions of No C)hieCtiOn for:
• Reserve at Boat Club Rood developed by MV Residential Development LLC' an affiliate of Miller-
Valentine C)p8[atiODo Inc., located at Boat Club Road and Cromwell-Marine, Fort Worth,
Texas /M8psCO 46C\
• Hom8Tuvvne at Preaidio Junction developed by HoOOeTovvnm at PFeaidio Junction, LP. an affiliate of
Integrated Housing Solutions, LLC. |OCotad at Harmon Rood and Pr8aidioViSta Drive, Fort Worth,
Texas (M@paoo 35A)
Hom8TOvvDe at PnasidiO Junction receive o Resolution of Support instead of Resolution Of No Objection
since the application meets the policy guidelines.
Approve Local Funding
The 2014 C)AP also ovv@[dS points for @ commitment of development funding by a |oC8| political
subdivision. Staff presented the results of the Request for PrUp0S3|a for use of City HOME Investment
Partnerships Program (H(}N/IE) grant funds for housing developments to the Housing and Economic
Development CO0n7itt88 on January 7. 2014 and recommended that the City 8vv8rd $1,500,000.00 Of
HOME funds to ZeOat8r O8ve|Opm8n1. LLC for the Art at Palladium View, and $1.200.000.00 of H[)&1E
funds 1n Columbia Renaissance Square |, L.P. for the Columbia at Renaissance Square. The City will
provide these HOME funds as permanent loans for 8 minimum term of 15 years. amortized over o 30-ye8[
period. at an interest rate no higher than three percent per annU0, with the |08Os conditioned upon.
among other things, an 8vvord 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 to the applicable City |ovva. O[dinancea, policies and procedures.
I.ogounuo: 1720}41T(){JBIN(}T}\XClOEZ)lTRBS()LlJTl(]NS Page 2 of
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 Fund/Account/Centers 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.pd (Public)
8. Sabine Place Resolution.doc (Public)
9. Zenstar Development Resolution.doc (Public)
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