Posting Language
Title
Approve a resolution related to an application by Waverly North, LLC, or an affiliated entity, for competitive 9% Low Income Housing Tax Credits to rehabilitate a development to be known as Waverly North, located at or near 3710 Cedar Street, Austin, Texas 78705, 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:
Waverly North, 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 high opportunity area and is located within 0.5 miles walking distance of high-frequency transit.
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 371...
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