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AI# 10903  Regular City Council Meeting 6.11. 08/23/2022:

Information

Agenda Item

Resolution - Community Develoment: Consider a resolution authorizing and directing the Mayor to grant the waiver of Payment in Lieu of Taxes (PILOT) for FY 2021 requested by Lubbock Housing Authority (LHA).

Item Summary

In April 2003, the City Council amended the cooperation agreement dated August 24, 1995, between LHA and the City of Lubbock concerning the 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, 2020, and ending September 30, 2021, net rental revenue collected by LHA was $430,425.  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 percent of rent. The amounts retained by LHA will be used to enhance the properties of the housing authority. The amount to be waived is $43,043.

Fiscal Impact

As a result of waiving the PILOT, $43,043 will not be added as revenue to the General Fund of the City of Lubbock.

Staff/Board Recommending

Karen Murfee, Community Development Director

Attachments Resolution PILOT Letter HUD Form 52267 PILOT

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