HomeMy WebLinkAboutResolution 4416-02-2015 A Resolution
NO. 4416-02-2015
OF NO OBJECTION TO A HOUSING TAX CREDIT APPLICATION FOR THE RESERVE
AT BOAT CLUB ROAD
WHEREAS, the City's 2014 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, Reserve at Boat Club Road, LLC, an affiliate of Miller-Valentine Operations, Inc.,
an Ohio corporation, has proposed a development for affordable rental housing named the Reserve at
Boat Club Road to be located at Boat Club Road and Cromwell-Marine Creek Road in the City of Fort
Worth;
WHEREAS, Reserve at Boat Club Road, LLC has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2015
Competitive 9% Housing Tax Credits for the Reserve at Boat Club Road, a new 120-unit complex; and
WHEREAS, TDHCA's 2015 Qualified Allocation Plan provides that an application for Housing
Tax Credits may qualify for up to fourteen (14) points for a resolution of no objection 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 has no objection
to the application of Reserve at Boat Club Road, LLC to the Texas Department of Housing and
Community Affairs for Housing Tax Credits for the purpose of the development of the Reserve at Boat
Club Road to be located at Boat Club Road and Cromwell-Marine Creek Road (TDHCA Application
No. 15311), 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.
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Adopted this 17th day of February, 2015. �"� oIFORr 4
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THANIEL 131R(3OKLYNN
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/17/2015 - Resolution Nos. 4413-02-2015, 4414-02-2015,
4415-02-2015, 4416-02-2015, 4417-02-2015,
DATE: Tuesday, February 17, 2015 REFERENCE NO.: C-27195
LOG NAME: 172015HOUSINGTAXCREDITRESOLUTIONS
SUBJECT:
Adopt City Policy on Requests for Resolutions for 2015 Applications to the Texas Department of Housing
and Community Affairs for Competitive (9%) Housing Tax Credits, Adopt Resolutions for 2015 Applications
for Multifamily Housing Developments Located at Various Sites Throughout the City and Confirm Prior
Approval of Development Funding for Columbia Renaissance Square I, L.P. (COUNCIL DISTRICTS 2, 3, 7
and 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt City policy on requests for 2015 resolutions for applications to the Texas Department of Housing
and Community Affairs for Competitive (9%) Housing Tax Credits;
2. Acknowledge receipt of requests for support for 2015 Competitive (9%) Housing Tax Credit
applications from the developers listed below;
3. Adopt the attached resolutions for 2015 applications for Competitive (9%) Housing Tax Credits for the
multifamily housing developments listed below located at various sites throughout the City, in accordance
with the policy; and
4. Confirm the prior approval of development funding from City HOME Investment Partnerships Program
grant funds in the amount of$1,200,000.00 to Columbia Renaissance Square I, L.P. conditioned upon,
among other things, an award of Housing Tax Credits and satisfactory completion of requirements for use
of federal grant funds.
DISCUSSION:
Policy for Resolutions for Competitive (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 Credits (9% HTC). The 2015 QAP and Section 2306.6710 of the Texas Government Code state that
9% HTC 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 site off the proposed development is located. Resolutions
stating 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.
Last year, Staff recommended that Resolutions of Support be given to 9% HTC applicants for
developments that had a firm commitment of local funding and appropriate zoning. In order for City-
supported projects to receive maximum points for their application, Staff recommended a change of policy
Logname: 172015HOUSINGTAXCREDITRESOLUTIONS Page 1 of 3
at the January 6, 2015 Housing and Economic Development Committee meeting so that Resolutions of
Support would only be provided to 9% HTC applicants that had received an award of City HOME
Investment Partnerships Program (HOME) grant funds. Staffs recommendations for the City's policy for
Council resolutions for 2015 applications for 9% HTC are as follows:
1. In order for a 9% HTC application to receive a Resolution of Support, the development must have, at a
minimum, an award of HOME funds from the City and appropriate zoning.
2. A 9% HTC application for a development that does not have an award of City HOME funds will be
eligible to receive, at most, a Resolution of No Objection as long as the development has a firm
commitment of local funding from another source and appropriate zoning.
Staff recommends that the City Council approve this policy for 2015 resolutions for applications to TDHCA
for 9% HTC.
Confirm Approval of Local Funding
The 2015 QAP also awards points for a commitment of development funding by a local political
subdivision. On January 7, 2014, Staff presented the results of the Request for Proposals for use of City
HOME funds for housing developments to the Housing and Economic Development Committee and
recommended that the City award HOME funds to Columbia Renaissance Square I, L.P., for the
development of the Columbia at Renaissance Square, an affordable multifamily development to be
located at 3801 W.G. Daniels Drive, Fort Worth, Texas. On February 18, 2014, the City Council approved
local funding of$1,200,000.00 of HOME funds for the project and at the same time adopted a resolution of
support for the developer's application for 9% HTC in the 2014 round (M&C C-26725 and Resolution No.
4307-03-2014). The award of HOME funds was conditioned upon, among other things, an award of 9%
HTC and satisfactory completion of requirements for use of federal grant funds. A Mayor and Council
Communication was to be presented to Council for the development once all other loan terms were
negotiated depending on the financing of the project. The development was not awarded tax credits by
TDHCA in the 2014 round, but the developer is now applying for 2015 9% HTC and has requested the
City's support for its current application.
Staff recommends that the City Council confirm the 2014 award of local funding for Columbia at
Renaissance Square developed by Columbia Renaissance Square I, L.P.
Approve Resolutions:
Staff recommends that the City Council adopt the attached Resolution of Support for Columbia at
Renaissance Square developed by Columbia Renaissance Square I, L.P., an affiliate of New Columbia
Residential, LLC, to be located at 3801 W.G. Daniels Drive, Fort Worth, Texas (Mapsco 078X). The site
for the proposed development is zoned "PD#916".
Staff recommends that the City Council adopt the attached Resolutions of No Objection for:
• Reserve at Golden Triangle developed by MV Residential Development, LLC, an affiliate of Miller-
Valentine Operations, Inc., to be located at 12901 Harmon Road, Fort Worth ETJ (Mapsco TAR-
021 K). The site for the proposed development is zoned "C".
• Villages of Deerbrook developed by AT Villages at Deerbrook, LP, affiliate of Amtex, to be located at
the northeast corner of Westpoint Boulevard and Deerbrook Drive, Fort Worth, Texas (Mapsco
TAR-072D). The site for the proposed development is zoned "C".
• Reserve at Boat Club Road developed by MV Residential Development LLC, an affiliate of Miller-
Valentine Operations Inc., to be located at Boat Club Road and Cromwell-Marine Creek Road, Fort
Worth, Texas (Mapsco TAR-046C). The site for the proposed development is zoned "C".
Logname: 172015HOUSINGTAXCREDITRESOLUTIONS Page 2 of 3
. Four Seasons at Clear Creek II developed by Four Seasons at Clear Creek, Ltd, an affiliate of the
NRP Group, to be located at the southwest corner of Oak Grove Shelby Road and South Race
Street, Fort Worth, Texas (Mapsco TAR-106S). The site for the proposed development is zoned "C".
These proposed developments are subject to all applicable City laws, ordinances, policies and
procedures.
The proposed developments are located in COUNCIL DISTRICTS 2, 3, 7 and 8, Mapsco 21 K, 22L, 46C,
72D, 78X and 106S.
The policy will apply to ALL COUNCIL DISTRICTS.
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)
Additional Information Contact: Cynthia Garcia (8187)
Logname: 172015HOUSINGTAXCREDITRESOLUTIONS Page 3 of 3