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AI# 10427
Regular City Council Meeting
7.12.
02/08/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution confirming that the City of Lubbock is in support of the proposed 9% Housing Tax Credit (HTC) application to be submitted to the Texas Department of Housing and Community Affairs (TDHCA), for the SouthTown Lofts Development, to be located at 7708 Avenue H, Lubbock, Texas.
Item Summary
The HTC program is funded by the U.S. Treasury Department and is overseen by the Internal Revenue Service. Federal regulations guiding the program can be found in Internal Revenue Code Section 42. TDHCA administers the program for the State of Texas. The HTC Program was designed to provide a source of equity financing for the development of affortable multi-family housing. The goal is to maximize the number of affordable units in the state's housing supply and ensure that the supply is well maintained and operated. After the property is developed by the applicant, the property will be affirmatively marketed in the surrounding community.
Tenants earning up to 60% of the Area Median Family Income (AMFI) for the area for their household size, and who meet the screening and eligibility restrictions of the property, may qualify for a reduced rent unit. HTC units offer income qualified tenants a unit at a reduced rental rate that is restricted by annually publishing rent guidelines, which may increase or decrease annually based on published limits.
Pursuant to 10 TAC §11.3(e) and §11.4(c)(1) of the Qualified Allocation Plan (QAP) and in accordance with Texas Government Code §2306.6710(b), an application may be made for up to 17 points, for a resolution or resolutions from the municipality and/or county in which the proposed development site is located. Resolutions that expressly set forth that the municipality or county supports the application or development, are worth maximum points, while resolutions setting forth that the municipality or county has no objection to the application or development, are worth fewer points. Pursuant to §11.9(d)(1), once a resolution has been submitted, it may not be changed or withdrawn.
Fiscal Impact
None
Staff/Board Recommending
Bill Howerton, Deputy City Manager
Attachments
Resolution
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