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HomeMy WebLinkAboutRES 022707-T - Shady Oaks Tax ApplicationRESOLUTION NO. 022707 7- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS APPROVING A HOUSING TAX CREDIT AND HOME INVESTMENT PARTNERSHIP PROGRAM PROPOSAL WITH SHADY OAKS GHA HOUSING, L.P. FOR THE DEVELOPMENT NAMED SHADY OAKS APARTMENTS LOCATED AT 501 JANIS 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 Investment Partnership Program ( 'HOME') funds from the Texas Department of Housing & Community Affairs ('TDHCA") for the rehabilitation of the above -mentioned project; WHEREAS, the Development Owner, pursuant to an award of tax credits and HOME funds, intends to rehabilitate, 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 must advise TDHCA that the City would support and authorize an allocation of credits and HOME funds for Shady Oaks 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 TDDCA HOME program funds will not qualify for points in this category "unless a resolution is submitted with the application from the Local Political Subdivision in applying for HOME or Housing Trust Funds from TDHCA 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 Shady Oaks Apartments proposal and recommends approval of the tax credit and HOME application by the Texas Department of Housing & Community Affairs in accordance with 10 Texas Admin. Code 50.5(a)(7)(B) ("2007 Qualified Allocation PIan"); and that the City Council of the City of Georgetown hereby authorizes Shady Oaks GHA Housing, L.P. to act on its behalf in applying for TDHCA HOME funds for the rehabilitation of Shady Oaks Apartments. Resolution Igo. ©ZZ7m7® T SHADY OAKS GI IA HOUSING, L.P. HOUSING TAX CREDIT PROPOSAL Page 1 of 2 Adopted and approved by the City Council of the City of Georgetown on thec 2007. ATTEST: Sandra D. Lee City Secretary APPROVED AS TO FORM: Patricia E. Carls City Attorney THE CITY OF GEORGETOWN: Gary lon Mayo day of Resolution No.0ZZlO7— T SHADY OAKS GHA HOUSING, L.P. HOUSING TAX CREDIT PROPOSAL Page 2 of 2