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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 10/31/2017
District F, District J
Item Creation Date: 10/13/2017
HCD17-95 Vista on Gessner Motion to Set Date for Public Hearing
Agenda Item#: 22.
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| | | | | | | | Summary:
SET A PUBLIC HEARING DATE to provide a Resolution of No Objection to the 4% Housing Tax Credit application of DALCOR AFFORDABLE HOUSING I, LLC, 6005-6525 South Gessner - DISTRICT F - LE and DISTRICT J - LASTER
HEARING DATE - 9:00 A.M. - WEDNESDAY - NOVEMBER 8, 2017 |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approve a motion establishing a date for a public hearing to provide a Resolution of No Objection for the 4% tax credit application of Dalcor Affordable Housing I, LLC.
The Texas Department of Housing and Community Affairs (TDHCA) administers the state’s housing tax credit program, which provides federal tax credits to spur the development of quality, affordable housing.
Per Texas Government Code Section 2306-67071, the governing body of the jurisdiction where a project is to be located must “hold a hearing …to solicit public input concerning the Application or Development” before a developer can submit an application for noncompetitive 4% tax credits.
Dalcor Affordable Housing I, LLC, intends to submit an application to the TDHCA requesting an award of 4% tax credits for the acquisition and rehabilitation of Vista on Gessner, an 805-unit affordable housing community located at 6005-6525 South Gessner. HCDD is not being asked to fund this development.
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Sources
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Uses
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Mortgage Revenue Bonds (TDHCA)
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$50,000,000
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Site Acquisition Costs
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$51,553,936
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Tax Credits (Berkshire)
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31,047,245
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Hard Costs
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30,703,050
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Deferred Developer Fee
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10,350,345
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Soft Costs
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10,006,240
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Net Operating Income
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10,695,809
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Developer Fee
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12,330,173
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Conventional Loan
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2,500,000
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Total
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$104,593,399
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Total
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$104,593,399
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HCDD requests a Motion to hold a public hearing on November 8, 2017, on the 4% tax credit Resolution of No Objection.
This item was reviewed by the Housing and Community Affairs Committee on October 17, 2017.
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| | | | | | | | Contact Information:
Roxanne Lawson
832.394.6307 |
| ATTACHMENTS: | | Description | Type | | Cover Sheet | Signed Cover sheet |
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