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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/25/2017
District D
Item Creation Date: 9/5/2017
HCD17-83 Villa Americana 4% HTC Resolution of No Objection
Agenda Item#: 8.
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| | | | | | | | Summary:
RESOLUTION expressing no objection to an application for non-competitive 4% federal tax credits for acquisition and rehabilitation of the VILLA AMERICANA APARTMENTS, an affordable multi-family rental community located near 5901 Selinsky Road in the City of Houston, Texas - DISTRICT D - BOYKINS |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approve a Resolution of No Objection for the 4% tax credit application of Villa Americana Housing Partners LP.
Villa Americana Housing Partners LP intends to submit an application to the Texas Department of Housing and Community Affairs (TDHCA) requesting an award of non-competitive 4% tax credits for the acquisition and rehabilitation of the Villa Americana apartments, a 258-unit affordable housing community located at 5901 Selinsky
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Sources of Funds
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Uses of Funds
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Senior Loan (Citibank)
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$28,730,000.00
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Site Acquisition Costs
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$25,578,000.00
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Tax Credit Equity Investor
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15,023,735.00
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Hard Costs
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11,577,767.40
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Deferred Developer Fee
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5,294,556.80
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Developer Fees
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5,931,831.68
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Financing Fees
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3,032,392.72
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Indirect Construction Costs
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2,128,300.00
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Reserves
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800,000.00
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Total
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$49,048,291.80
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Total
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$49,048,291.80
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The TDHCA administers the state’s housing tax credit program, which provides federal tax credits to spur the development of quality, affordable housing.
In order to apply for the 4% tax credits, the developer must present a Resolution of No Objection from the governing body of the jurisdiction in which the development is located. HCDD recommends approval of this Resolution.
A Public Hearing on this Resolution was held on September 20, 2017.
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| | | | | | | | Contact Information:
Roxanne Lawson
832.394.6307 |
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