Title
Consider a memorandum/resolution of support and/or resolution of no objection for five (5) applications to Texas Department of Housing & Community Affairs for affordable housing developments.
Summary
DATE: February 15, 2022
TO: Kent Cagle, City Manager
FROM: Leslie K. Hinkle, Executive Director of Community Development
SUBJECT: Resolutions of Support and/or Resolutions of No Objection 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 the housing tax credit program. The purpose of the program is to produce affordable housing for Texas communities. The program is a highly competitive program (9% tax credits) and applications are scored using a Qualified Allocation Plan (QAP) approved by the governing board of TDHCA and the Governor. The housing tax credits are sold to investors (who need to reduce their tax liability) in exchange for cash equity into the proposed affordable housing developments. Developers submit applications to the state agency, and they are scored using criteria established in the QAP.
There are five (5) proposed tax credit development applications being submitted in Killeen to the TDHCA for funding cycle 2022:
Project Name Address Developer Population # of Units $ Request
Avanti Legacy North Oaks
1001 & 1003 Medical Dr.
Madhouse
Elderly
58 (1,2 BR)
$500 reduced permit fees
Avanti Legacy Parkview
WS Young & Atkinson
Madhouse
Elderly
108 (1,2 BR)
$500 reduced permit fees
East Avenue Crossing
3818 East Rancier Ave
Vault Group
General
96 (1,2,3 BR)
$500 reduced permit fees
Ridge Lofts at Skylark
Dogwood & Beachwood
Vault Group
Elderly
97 (1,2,BR)
$500 reduced permit fees
Venetian Villas
Old Florence Road
Real Tex
Elderly
96 (1,2, BR)
$500 reduced permit fees
TDHCA divides the state into service regions and ...
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