The Housing and Community Development Department (HCD) recommends Council approve a Resolution of No Objection for the 4% tax credit application of Brookside Gardens Apartments, LLC.
Brookside Gardens Apartments, LLC, has applied to the Texas Department of Housing and Community Affairs (TDHCA) requesting an award of non-competitive 4% tax credits for the rehabilitation of Brookside Gardens Apartments, a 240-unit affordable housing community for families located at 3525 South Sam Houston Parkway East, Houston TX 77047.
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).
HCD has performed a threshold review and recommends a Resolution of No Objection for the following reasons:
· Preservation of affordable housing
· Not located in a floodway or 100-year floodplain
· Low poverty concentration
Because the Houston Housing Authority will own fee title to the land on which Brookside Gardens Apartments is located and equitable title to the improvements comprising the development, Brookside Gardens Apartments will be exempt from ad valorem taxes.
A public hearing on this Resolution was held on September 13, 2023.
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Keith W. Bynam, Director