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 affordable housing.
Per Texas Government Code Section 2306-67071 and the TDHCA’s 2015 Qualified Allocation Plan, the local 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 non-competitive 4% tax credits.
The developers for the two properties listed below have requested a Resolution of No Objection to their applications for 4% tax credits.
- The Kissito Center for Healthy Living received a similar resolution in June 2014, however the developer subsequently cancelled the project on the original site due to neighborhood resistance. A new site is under contract, and the developer is meeting with neighborhood groups to obtain their support; early indications are positive. HCDD is currently underwriting the Kissito project. Upon successful completion of the underwriting process, HCDD intends to provide gap financing in support of this development.
- The developer of the Garden City Apartments has not requested funding from HCDD; however due to the afore-mentioned statute, the developer is required to obtain a Resolution from the City in order to qualify for tax credits. This is a $29 million project, including $9 million of pure hard costs, to provide extensive exterior and interior renovations including upgraded kitchens and bathrooms, plus a complete remodel of the existing community building.
Following is information on the two applications:
|
Property Name
|
Tax Credit Applicant
|
Project
|
No. of Units
|
Location
|
Council District
|
|
|
Garden City Apartments
|
Steele Texas LIHTC LLC
|
Sec. 8 rehab
|
253
|
9601 W. Montgomery Road
|
B
|
|
|
Kissito Center for Healthy Living
|
Riverside Houston VOA Kissito LLC
|
Seniors
|
112
|
6901 Bellfort Ave.
|
I
|
|
HCDD requests a motion to hold the public hearing on December 9, 2015.
This item was reviewed by the Housing and Community Affairs Committee on November 17, 2015.