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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 12/19/2017
ETJ
Item Creation Date: 12/1/2017
HCD17-113 Quail Chase 4% HTC Resolution of No Objection
Agenda Item#: 14.
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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 QUAIL CHASE APARTMENTS, a 248-unit Affordable Housing Community located near 500 West Airtex Boulevard in the City of Houston, Texas |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approve a Resolution of No Objection for the 4% tax credit application of Houston Leased Housing Associates VI LLLP.
Houston Leased Housing Associates VI LLLP 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 Quail Chase Apartments, a 248-unit affordable housing community located 500 West Airtex Boulevard.
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Sources
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Uses
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Freddie Mac Loan
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$21,160,000
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Site Acquisition Costs
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$17,250,000
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Tax Credits
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10,382,247
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Hard Costs
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6,970,000
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Deferred Developer Fee
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1,019,839
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Developer Fee
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3,807,441
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Soft Costs
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2,433,992
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Reserves
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2,100,653
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Total
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32,562,086
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Total
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$32,562,086
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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 (including the City’s Extraterritorial Jurisdiction).
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
Phone: (832) 394-6307
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| ATTACHMENTS: | | Description | Type | | Cover Sheet | Signed Cover sheet |
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