HomeMy WebLinkAboutResolution 4432-04-2015 A Resolution
NO. 4432-04-2015
SUPPORTING THE CONSTRUCTION OF THE RESERVE AT QUEBEC APARTMENTS
WHEREAS, the City of Fort Worth's 2014 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 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 Quebec, LLC, an affiliate of the Miller-Valentine Group, has proposed
a multifamily rental housing development to be named the Reserve at Quebec Apartments, located
North of Northwest Centre Drive between Buda Lane and Quebec Streets, which will include affordable
and market rate units as well as permanent supportive housing units;
WHEREAS, Reserve at Quebec, LLC has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2015 Non-
Competitive (4%)Housing Tax Credits to finance a portion of the costs of the development;
WHEREAS, on March 3, 2015, the City Council approved a subordinate loan of$3,500,000.00
of the City's HOME Investment Partnerships Program grant funds to the Reserve at Quebec, LLC, the
partnership that will own the development, for a portion of the costs of the development and to show the
City's support, and passed a Resolution supporting the tax credit application for the development (M&C
C-27220, Resolution No. 4422-03-2015);
WHEREAS, the development will be located in a census tract that has more than 20 percent
Housing Tax Credit Units per total households as established by the United States Census Bureau for the
most recent Decennial Census, and TDHCA rules require that the City Council must vote specifically to
allow the construction of the new development and pass a Resolution that specifically refers to the rules.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS, THAT:
1. The City Council acknowledges that, as provided in 10 Texas Administrative Code Sections
11.3(d) and 11.4(c)(1), the proposed Reserve at Quebec Apartments will be located in a
census tract that has more than 20 percent Housing Tax Credit Units per total households in
the census tract.
L—r— ORT WO T
Resolution No.4432-04-2015
2. The City Council hereby supports the proposed Reserve at Quebec Apartments, and confirms
that it has voted specifically to approve the construction of the Reserve at Quebec Apartments,
and authorizes an allocation of Housing Tax Credits for the development.
Adopted this 7h day of April, 2015.
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 4/7/2015 - Resolution No. 4432-04-2015
DATE: Tuesday, April 07, 2015 REFERENCE NO.: C-27253
LOG NAME: 17NS RESERVEATQUEBECREVISION
SUBJECT:
Adopt Resolution Supporting the Construction of the Reserve at Quebec Apartments Which are Proposed
to be Located North of Northwest Centre Drive Between Buda Lane and Quebec Street in a Census Tract
with More Than 20 Percent Housing Tax Credit Units Per Total Households (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council adopt a Resolution supporting the construction of the Reserve at
Quebec Apartments which are proposed to be located north of Northwest Centre Drive between Buda
Lane and Quebec Street in a census tract with more than 20 percent Housing Tax Credit Units per total
households.
DISCUSSION:
On March 3, 2015, the City Council conducted a public hearing and adopted a Resolution supporting an
application by Reserve at Quebec, LLC to the Texas Department of Housing and Community Affairs
(TDHCA) for 2015 Non-Competitive (4%) Housing Tax Credits (4% HTC) for the development of the
Reserve at Quebec Apartments, a mixed income multi-family rental development to be located north of
Northwest Centre Drive between Buda Lane and Quebec Streets (M&C C-27220, Resolution No. 4422-
03-2015). At the same time, the City Council also approved a subordinate loan of$3,500,000.00 of the
City's HOME Investment Partnerships Program grant funds for the development which will include
permanent supportive housing units for extremely low-income households as well as market rate and
affordable units. The proposed development is located in a census tract that has more than 20 percent
Housing Tax Credit Units per total households as established by the U.S. Census Bureau for the most
recent Decennial Census. Therefore, TDHCA rules require that the City Council must by vote specifically
allow the construction of the new development and pass a Resolution referencing the applicable TDHCA
rules.
Reserve at Quebec, LLC has requested a Resolution from the City Council that the City Council by vote
specifically approves the construction of the Reserve at Quebec Apartments to be located in a census
tract that has more than 20 percent Housing Tax Credit Units per total households. Staff recommends
that the City Council approve the attached Resolution to be included in the application for 4% HTC for the
Reserve at Quebec Apartments since the development will assist the City in fulfilling its goals under its
Consolidated Plan and Comprehensive Plan by supporting economic development and providing quality,
accessible, affordable housing to low to moderate-income City residents as well as permanent supportive
housing to very low-income residents.
The development is located in COUNCIL DISTRICT 7.
FISCAL INFORMATION /CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
Lognatne: 17NS RESERVEATQUEBECREVISION Page I of 2
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: Cynthia Garcia (8187)
Additional Information Contact: Chad LaRoque (2661)
Logname: 17NS RESERVEATQUEBECREVISION Page 2 of 2