TITLE
Consider a memorandum/resolution of support for housing tax credit applications to Texas Department of Housing & Community Affairs for Avanti Legacy West Elms, Edgewood Villas, Killeen Springs, Reserve at Bunny Trail, and Villas at Robinett, all affordable housing developments.
SUMMARY
DATE: February 5, 2019
TO: Ronald L. Olson, City Manager
FROM: Leslie Hinkle, Executive Director of Community Development
SUBJECT: Resolution of Support for applications to the Texas Department of Housing & Community Affairs for housing tax credit for affordable housing developments
BACKGROUND AND FINDINGS:
The Texas Department of Housing & Community Affairs (TDHCA) administers a highly competitive housing tax credit program for various community housing projects. The project applications are rated using a Qualified Allocation Plan (QAP) approved by the governing board of TDHCA. The approved applications for housing tax credits are ultimately sold to investors in exchange for cash equity in the development. TDHCA divides the state into regions; Killeen is in region 8 with Bryan, College Station, Temple, Waco, and other smaller cities. Historically, only one project has been awarded tax credits in region 8. There are five (5) proposed tax credit development applications being submitted to the TDHCA for funding cycle 2019 to be located in Killeen. Killeen developments typically compete well in the region and score high in the QAP for points obtained and awarded toward their applications.
The projects submitted to the City of Killeen for consideration are:
Project Name Developer Type # Units Fee Waiver Request Location
Avanti Legacy West Elms Avanti Legacy West Elms,LP Elderly 59 $500 3602 Robinette
Edgewood Villas Skyline Development,LLC Elderly 104 $500 Robinett & Elms
Killeen Springs Bouldin Communities,LLC Elderly 120 $500 Pennington & Foster
Reserve at Bunny Trail MVAH Development,LLC General 1...
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