Posting Language
Title
Approve a resolution supporting the application by FC Jordan II Housing, LP, or an affiliated entity, for the allocation of competitive 9% Low Income Housing Tax Credits for the construction of a development to be known as Jordan II, located within the City at or near 2701 1/2 Philomena Street, Austin, Texas 78723. Funding: This item has no fiscal impact.
De
Lead Department
Austin Housing
Fiscal Note
This item has no fiscal impact.
For More Information:
Deletta Dean, Director, Austin Housing, 512-978-1410; or
Mandy DeMayo, Deputy Director, Austin Housing, 512-974-1091.
Additional Backup Information:
FC Jordan II Housing, LP, 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. During the TDHCA scoring process, the applicant will receive a certain number of points based on Council's action. An application that receives a resolution of support will receive more points than an application that receives no resolution or a resolution of no objection.
Staff recommends that Council support the proposed development because the proposed development is located within 0.5 miles walking distance of high-frequency transit, and proposes no fewer than 70 percent of the units in the development to include 2 or more bedrooms.
This resolution also acknowledges and confirms statements related to the location of the proposed development as required by the TDHCA. Specifically, this resolution: (a) acknowledges and confirms that the City has more than twice the state average of units per capita supported by Housing Tax Credits or private activity bonds; (b) acknowledges that the proposed development is located in a census tract with more than 20 percent Housing Tax Credit Units per total households; and (c) states that Council supports the proposed development and authorizes its construction.
The proposed development will be located at or ne...
Click here for full text