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AI# 12874  Regular City Council Meeting 6.11. 10/08/2024:

Information

Agenda Item

Resolution - Community Development: Consider a resolution authorizing the Mayor to grant the waiver of Payment in Lieu of Taxes for Fiscal Year 2023, requested by the Lubbock Housing Authority.

Item Summary

In April 2003, the City Council amended the cooperation agreement dated August 24, 1995, between the Lubbock Housing Authority (LHA) and the City of Lubbock, concerning the Payment in Lieu of Taxes (PILOT). The amendment allows the City Council to reconsider the request to waive the PILOT on an annual basis. Approval is based on the previous year’s use of the waived taxes to ensure the funds were used on affordable housing projects. A review of the use of funds is conducted each year.   For the period beginning October 1, 2022, and ending September 30, 2023, net rental revenue collected by LHA was $423,199. The U.S. Department of Housing and Urban Development (HUD) requires the City to approve a waiver of PILOT on an annual basis. The PILOT is equivalent to 10% of rent. The amounts retained by LHA will be used to enhance the properties of LHA. The amount to be waived for Fiscal Year 2023 is $42,320.

Fiscal Impact

As a result of waiving the PILOT, $42,320 will not be added as revenue to the General Fund of the City of Lubbock.

Staff/Board Recommending

Bill Howerton, Deputy City Manager Karen Murfee, Community Development Director

Attachments LHA PILOT Resolution PILOT Computation

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