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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 12/19/2017
District D
Item Creation Date: 12/1/2017
HCD17-109 Anna Dupree Terrace 4% HTC Resolution of No Objection
Agenda Item#: 13.
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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 ANNA DUPREE TERRACE APARTMENTS, a 151-unit Affordable Housing Community located near 10012 Cullen Boulevard 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 Anna Dupree Terrace LP.
Anna Dupree Terrace 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 Anna Dupree Terrace Apartments, a 151-unit affordable housing community located at 10012 Cullen Boulevard.
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Sources
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Uses
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First Mortgage (HUD Loan 223F)
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$6,700,000
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Acquisition
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$10,570,000
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Seller’s Note
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7,077,700
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Hard Costs
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7,641,031
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Transfer of Existing Reserves
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929,600
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Soft Costs
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2,417,307
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Tax Credit Equity Partner
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8,084,005
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Developer Fee
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1,530,000
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Deferred Developer Fee
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88,033
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Reserves
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721,000
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Total
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$22,879,338
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Total
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$22,879,338
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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 December 13, 2017.
This item was reviewed by the Housing and Community Affairs Committee on November 28,2017.
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| | | | | | | | Contact Information:
Roxanne Lawson
(832) 394-6307 |
| ATTACHMENTS: | | Description | Type | | Cover Sheet | Signed Cover sheet |
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