| | | | | | | |  |
CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 12/5/2017
District D
Item Creation Date: 11/8/2017
HCD17-108 Anna Dupree Terrace Motion to Set Date of Public Hearing
Agenda Item#: 32.
| |
|
| | | | | | | | Summary:
SET A PUBLIC HEARING DATE to provide a Resolution of No Objection to the 4% Tax Credit application of ANNA DUPREE TERRACE LP, 10012 Cullen Boulevard - DISTRICT D - BOYKINS
HEARING DATE - 9:00 A.M. - WEDNESDAY - DECEMBER 13, 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 Anna Dupree Terrace LP.
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.
Anna Dupree Terrace LP, intends to submit an application to the TDHCA requesting an award of 4% tax credits for the acquisition and rehabilitation of Anna Dupree Terrace, a 151-unit affordable housing community located at 10012 Cullen Boulevard. HCDD is not being asked to fund this development.
|
Sources
|
|
Uses
|
|
|
First Mortgage (HUD Loan 223F)
|
$6,700,000
|
Acquisition
|
$10,570,000
|
|
Seller’s Note
|
7,077,700
|
Hard Costs
|
7,641,031
|
|
Transfer of Existing Reserves
|
929,600
|
Soft Costs
|
2,417,307
|
|
Tax Credit Equity Partner
|
8,084,005
|
Developer Fee
|
1,530,000
|
|
Deferred Developer Fee
|
88,033
|
Reserves
|
721,000
|
|
Total
|
$22,879,338
|
Total
|
$22,879,338
|
HCDD requests a Motion to hold a public hearing on December 13, 2017, on the 4% tax credit Resolution of No Objection.
This item was reviewed by the Housing and Community Affairs Committee on November 28, 2017.
|
| | | | | | | | Contact Information:
Roxanne Lawson
(832) 394-6307 |
|