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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 11/28/2017
District F, District J
Item Creation Date: 10/2/2017
HCD17-96 Vista on Gessner 4% HTC Resolution of No Objection
Agenda Item#: 10.
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| | | | | | | | Summary:
RESOLUTION expressing no objection to an application for non-competitive 4% Federal Tax Credits for Acquisition and Rehabilitation of VISTA ON GESSNER, an Affordable Housing Community located near 6005-6526 South Gessner Road in the City of Houston, Texas - DISTRICTS F - LE and J - LASTER |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approve a Resolution of No Objection for the 4% tax credit application of Dalcor Affordable Housing I, LLC.
Dalcor Affordable Housing I, LLC, 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 Vista on Gessner apartments, a 805-unit affordable housing community located at 6005-6525 South Gessner.
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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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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 November 15, 2017.
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Tom McCasland, Director
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| | | | | | | | Amount and Source of Funding:
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| | | | | | | | Contact Information:
Roxanne Lawson
Phone: (832) 394-6307 |
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