Posting Language
Title
Approve a resolution related to an application by HTG Cooper, LLC, or an affiliated entity, for competitive 9% Low Income Housing Tax Credits for a new construction development to be known as The Cooper, located at or near 7612 Cooper Lane, Austin, Texas 78745, and related to the allocation of housing tax credits within the City and near the proposed development. Funding: This item has no fiscal impact.
De
Lead Department
Housing Department.
Fiscal Note
This item has no fiscal impact
For More Information:
Mandy DeMayo, Interim Director, Housing Department, 512-974-1091.
Additional Backup Information:
HTG Cooper, LLC, or an affiliated entity, will submit an application to the Texas Department of Housing and Community Affairs (TDHCA) for competitive 9% Low Income Housing Tax Credits. The applicant will receive a certain number of points based on Council’s action. During the TDHCA scoring process, an application that receives a resolution of support will receive more points than an application that receives a resolution of no objection.
Staff recommends that Council support the proposed development because the proposed development is located in a displacement risk area and no fewer than 70 percent of the units in the development include two or more bedrooms.
The resolution also acknowledges and confirms statements related to the location of the proposed development as required by the TDHCA. Specifically, this resolution will acknowledge and confirm that the City has more than twice the state average of units per capita supported by Housing Tax Credits or private activity bonds; acknowledge that the proposed development will be located one linear mile or less from another development that serves the same type of household and received an allocation of Housing Tax Credits (or private activity bonds) within the last three years; and allow the construction of the proposed development.
The proposed development will be located at or near 7612 Cooper Lane, Austin, Texas 78745, which is located in District 5. The target population for the proposed development, as will be presented to the TDHCA, is the general population. The proposed development currently envisions a total of 70 units, seven of which will be affordable at 30 percent of the Area Median Family Income (MFI) and below, 28 of which will be affordable at 50 percent MFI and below, and 35 of which will be affordable at 60 percent MFI and below.
The applicant intends to apply for $2,500,000 in gap financing from the Austin Housing Finance Corporation. This Council action is unrelated to and will have no impact on future financing requests.
More information on the proposed development, socioeconomic characteristics, and amenities in the surrounding area can be found at <https://www.austintexas.gov/page/9-tax-credit-resolution-requests>.