HomeMy WebLinkAboutRES 111307-N - Sierra Ridge Tax CreditRESOLUTION N
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS APPROVING A HOUSING TAX CREDIT AND HOME
INVESTMENT PARTNERSHIP PROGRAM PROPOSAL WITH
GEORGETOWN SIERRA RIDGE HOUSING, L.P. FOR THE DEVELOPMENT
NAMED SIERRA RIGGE APARTMENTS LOCATED AT THE NORTHWEST
CORNER OF NORTHWEST BOULEVARD AND WASHAM DRIVE
AUTHORIZING THE CITY MANAGER TO EXECUTE THE AMENDMENT;
AND DECLARING AN EFFECTIVE DATE
WHEREAS, the Development Owner is applying for tax credits and HOME Investinent
Partnership Program ("HOME") funds from the Texas Deparintent of Housing & Community
Affairs ( 'TUHCA") for the construction of the above -mentioned project;
WHEREAS, the Development Owner, pursuant to an award of tax credits and HOME funds,
intends to develop, construct, own, and manage mixed -income housing in Georgetown, Texas,
for moderate to low-income residents;
WHEREAS, the City of Georgetown has received awards of tax credits more than twice the state
average of units per capita;
WHEREAS, under 10 Texas Admin Code 50.5(a)(7) ("2007 Qualified Allocation Plan"), the City
Council of the City of Georgetown roust advise THHCA that the City would support and
authorize an allocation of credits and HOME funds for Sierra Ridge Apartments; and
WHEREAS, under 10 Tex. Admin Code 49.9(i)(5), which gives Housing Tax Credit points for
the commitment of development funding by local political subdivisions, states that the THDCA
HOME program funds \A ill not qualify for points un this category "unless a resolution is
submitted with the application from the Local Political Subdivision in applying for HOME or
Housing Trust Funds from TI )HCA for the particular application."
WHEREAS, the City Council of the City of Georgetown and the Development Owner have
recognized a mutually beneficial need to secure tax credits for the above -mentioned
development.
NOW, THEREFORE, the City Council of the City of Georgetown hereby resolves that the City
fully supports the Sierra Ridge Apartments proposal and recommends approval of the tax
crec it anc. HOME application by the Texas Department of Housing &r Community Affairs in
accordance with 10 Texas Admin. Code 50.5(a)(7)(B) ("2007 Qualified Allocation Plan"); and
that the City Council of the City of Georgetown hereby authorizes Georgetown Sierra Ricge
Housing, L.P. to act on its behalf in applying for THDCA HOME funds for the construction of
Sierra Ridge Apartments.
Resolution No. 1 /1507 N
GEORGETOWN SIERRA RIDGE HOLSING, L.P.
HOUSING TAX CREDIT AND HOME PROPOSAL
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Adopted and approved by the City Council of the City of Georgetown on the 13th day of
November, 2007.
ATTEST:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
Patricia E. Carls
City Attorney
J
THE CITY OFCEORGETOWN:
Gary Nlon
Mayor
Resolution No. in 01
GEORGETOWN SIERRA RIDGE HOLSING, L.P.
HOUSING TAX CREDIT AND HOME PROPOSAL
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