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Home My WebLink AboutResolution 4296-02-2014 A Resolution NO. 4296-02-2014 SUPPORTING A HOUSING TAX CREDITAPPLICATION FOR THE AVONDALE 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, AMTEX Avondale, LP, an affiliate of AMCAL Multi-Housing, Inc., a California corporation, has proposed a development for affordable rental housing named Avondale Apartments to be located at the comer of Avondale Haslet Road and Highway 287 in the City of Fort Worth; WHEREAS, AMTEX Avondale, I-P 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 Avondale Apartments, a new 160-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 (17) 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 AMTEX Avondale, LP to the Texas Department of Housing and Community Affairs for Housing Tax Credits for the purpose of the development of the Avondale Apartments to be located at the comer of Avondale Haslet Road and Highway 287 (Application No. 14205), 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. 6 f OR Ado ted this 18th day of February, 2014. 04�' 0000000 p A7 0 0 0 XY 0 01� id Ab ATTEST: 0 _0 By: 00 000 19 0000000 4y XIle Mary J. K 1 'r" 'it ecre tary !RTWORT �Pg ,,,,,,,�urchill at Champions Avondale Apartments ........... ............ 8 377 HomeTowne at Presidio Junction J�eriiage"Park Vista 11 ................. ----—------- 26 F................. . ...... ....... ................ _�e�erve at Boat Club Road Sabine P ace Apartm nts ........... ........ 199 377 26 121 183 121 199 183 1 80 87 Art at Palladium View 377 83 Columbia at Renaissance Square N City of Fort Worth, Texas Mayor and Council Communication 14(IOAXXXIArt Oo01rn NA NONNmNN@ MIt 6iAll4UAMCYAA!9!t gMNti00!P161<ttd6fiYYlrtfrtflftlYMrtMddlT iFYYfTJQ'fd NfiWM£BGIGCNAmt4tgiMN9NfP✓1 (IRFIFiv I,MMttOa NJIMhh1 n @9ANG��rtiu�"MVMtt1flllddddA< F{A AAIWNJA9iUla4AANN f!N!GfNM@I&fktlYlfl lA000000tldMMWW 1Y011MfINIIWYINPldP@NWhWNfiIM1 AtIfMMM1MfrtfrtONWONNfMM1MtPNNMMNAMIONMNNNNAMIPPmHtlAP COUNCIL ACTION: on 211$/2014 - Resolution Nos. 4296-02-2014, 4297-022014, 429$-02- 2014, 4299-02-2014, 4300-02-2014,4301-02-20114, 4302-02-2014, 4303-02.10'(4 IImINOHmlmmrtrommlomlml a more Imo' !41Wb'm'I UNNN 5010 !XUIXAN.WIIIIPAWINrtMWhI4W6';Mfg`AWiN'YmMNNY"NMIhl IK!rAfk/IINl 11%NfdllllVlfi41#AYOtWfNdn(VICO.Ih i u'11W1V1&112?ll4Y!IN!!ll(flkFdNlMr I(RAP@ NI AIV'rtV'rtlllLLlllk4:1!'/,IIIIIIIIINmNi NOIOflfY111111111vvlh.rtVN@4'm,Pfll(Lliltflttll Wm(RAAIA1M1q;7U&qll ldIWNM124P11!41'rINBAIIG:/fiMAN OkrakYmA AODtiMldrt9l ilmllAltltlAmFVNXm11 fFlM@ UmNNWNNIpAMpfNF1(4MtMhrtf-IYmldl!W F NAIRIIIVPdIM1YItUNoY41UMIIrtNIfiSmlUl01RW114YY4`,AfmViiNIOdWI @1919MmmMIm1IIdW DATE: Tuesday, February 18, 2014 REFERENCE NO.: C-26671 LOG NAME: 172014HOUSINGTAXC RED ITRESOLUTIONS 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: 172014HOUSINGTAXCREDITRESOLUTIONS Pagel of 3 developments must have' at 8 r0ininOunO' evidence of firm cODlnOitnl8Ot of local public funding and appropriate zoning. 2. An application for development that does not have evidence of firm oOnlrDitOn8rt of local public funding and/or does not have appropriate zoning will be eligible to receive, at rnOSt. a Resolution Of No Objection. ThensfOna, Staff recommends Council adopt the attached Resolutions Of Support for: • Avondale Apartments developed by AMTEX Avondale, LP, an affiliate of AMCAL Multi-Housing Inc., located at Avondale Haslet Road and Route 287, Fort Worth, Texas (M8pScO 4V' 4Z, 5G. 5VV) • Columbia GtRenaissance Square developed by CO|Unlbie Renaissance Square |' L.P., an affiliate of New Columbia Residential, LLC. located at 3801 W. G. Daniels Qrive, Fort Worth, Texas /M@psnO 7OX\ • Sabine Place Apartments (Rehab) developed by Think Housing Development LLC. an affiliate of A|G[8 Ventures, LLC and Preservation Partners Development |||. LLC' located ak1215Terminal Road, Fort Worth, Texas (M8paoU 48V) • Art at Palladium View developed byZ8MStar []8vS|UprDent. LLC. located atV\AestpViO1 Boulevard and West Loop 820 South, Fort Worth, Texas (Mapscn 72O) • Heritage Park Vista Phase Two developed by Heritage Park Vista Housing Partners TvvU' L\d., on oMi|i@te OfNUROckAcquisitions, LLC. located at 8729 Roy White Road, Fort Worth, TBX@g (K8opSoO 3OC) • Churchill at Champions Circle developed by Churchill at Champions Circle ConOnnUOifv. LP.' an affiliate of Churchill Residential, Inc., |OC@ied at Champions Circ|e, Fort Worth, Texas /K8opsoO O43T\ Staff recommend that the City Council adopt the attached Resolutions ofNo Objection fOr� • F7es6n/e at Bn8i Club Road developed by MV Residential O8vS|oprneO( LLC. on affiliate nfMiller- Valentine Operations Inc., located at Boat Club Road and Cromwell-Marine, Fort Worth, Texas /W18paoO4OC\ • HOnn8TUvvn6 at PrBSidio Junction developed by H0[nGTovvn8 at preoidio JuDCtiOn. LP. an affiliate Of Integrated HOUS|Og SD|Uti0nS. L[C. located at Harmon Road and PR}Sidi0 \/iSt@ O[iVe, Fort Worth, Texas /MapSCO35A\ HOnleT0vvne at PnesidiO Junction receive o Resolution of Support instead of RSSO|utinO Of NO Objection since the application meets the policy guidelines. Approve Local Funding The 2014QAP also awards points for o commitment nf development funding bya local political subdivision. Staff presented the results of the Request for P[VpO*a|a for use of City HOME Investment Partnerships Program (HOME) grant funds for housing developments to the Housing and Economic Development Committee oO January 7' 2D14 and recommended that the City award $1.5OO.O0O.0OOf HOME funds iOZ8nStarDevelopment, LLC for the Art @t Palladium View, and $1.2OO.000.00nfHOME funds to Columbia Renaissance 8qV@ne |. L.P. for the Columbia at Renaissance Square. The City will provide these HOME funds as permanent loans for a rninirnUnl term of 15 ye@[S' amortized over 30-ye@r period, at an interest rate no higher than three percent per annum, with the loans conditioned upon, among other things, an 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 |avvs. ordinances, policies and procedures. L,ogouo)e: l720\4f]0lJSRNGIAXC}OEDlTfUE8OI.lJTIONS Page 2of3 The developments are located in COUNCIL DISTRICTS 2, 3, 4. 7 and 8' K88psoo4V. 4Z, 5S, 5VV 35A. 3GC. 4OC. 4OV' 72O. 78X and 843T. CERTIFICATION:FISCAL INFORMATION / The Financial Management Services Director certifies that this action will have no material effect on City funds. CENTERS:FUND TO Fund/AccounVCenters FROM Fund/AccounVCenters Submitted for City Manacler's Office by: Fernando Costa (3122) Originating Department Head: JoyChapa (5804) Cynthia Garcia /8187\ Additional Information Contact: Avis Chaisson (0342) ATTACHMENTS 1. Avondale Apartments Resolutionjoc (Public) 2. Churchill Champions Resolution.cloc (Public) 3. Columbia Development Resolution.cloc (Public) 4. Heritage Park Vista Resolution.cloc (Public) 5. Hometowne Presidio Resolutionjoc (Public) 0. Reserve BoatClubRd Resolution.cloc (Public) 7. RFPMAP All Developments.pdf (Public) 8. Sabine Place Resolutionjoc (Public) Q. Zenstar Development Resolution.cloc (Public) L000unze: 172014H()L}SIDJ S[)LU]3(}NS Page 3of 3