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HomeMy WebLinkAboutRES 041205-W - Low Income Housing TaxRESOLUTION NO. ©i% f'_45 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, SUPPORTING THE EFFORTS OF NORTHWEST RESIDENTIAL, LP, A TO -BE -FORMED TEXAS LIMITED PARTNERSHIP, TO OBTAIN A HOUSING TAX CREDIT FOR THE PROPOSED NORTHWEST RESIDENTIAL APARTMENT HOME COMMUNITY (TO BE RENAMED CYPRESS CREEK AT RIVER BEND APARTMENT HOMES) PROJECT TO BE LOCATED NEAR THE INTERSECTION OF RIVER BEND DRIVE AND WESTWOOD LANE IN GEORGETOWN, TEXAS IN EXCHANGE FOR RENTAL OF A SPECIFIED NUMBER OF UNITS IN THE PROPOSED PROJECT TO CERTAIN QUALIFIED PERSONS IN ACCORDANCE WITH THE LOW INCOME TAX CREDIT RENTAL REQUIREMENTS PUBLISHED BY THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS AND THIS RESOLUTION. WHEREAS, the City of Georgetown recognizes the importance of supporting the efforts to make affordable housing available in the community; and WHEREAS, the City of Georgetown has received, or expects to receive, applications(s) from Northwest Residential, LP, a to -be -formed Texas limited partnership, for the construction of a 180-unit multifamily housing unit project near the intersection of River Bend Drive and Westwood Lane, Georgetown, Texas to be known as the Northwest Residential Apartment Home Community (to be renamed Cypress Creek at River Bend Apartment Homes) project (the "Proposed Project"), and WHEREAS, the City of Georgetown understands that the Texas Department of Housing and Community Affairs (TDHCA) receives applications for tax credits from applicants who pledge to make a certain number of housing units available to persons with incomes below the Area Median Family Income (AMFI); and WHEREAS, City of Georgetown has been advised that TDHCA has received an application from Northwest Residential, LP, a to -be -formed Texas limited partnership for 9% tax credits for the Proposed Project; and WHEREAS, the City of Georgetown has been further advised that, as a condition for being awarded the Housing Tax Credit Allocation from TDHCA, the Applicant has committed to renting 85% of the units in the Proposed Project to residents with household incomes capped at 60% or below the AMFI, and 10% of the units in the Proposed Project to residents with household incomes capped at 30% or below the AMFI in compliance with the maximum Low Income Tax Credit rents as published by the TDHCA. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: The City Council of the City Georgetown supports and endorses the efforts of Northwest Residential, LP, a to -be - formed Texas limited partnership, to apply to TDHCA for and obtain the award of 9% low income housing tax credits for the Proposed Project (as defined above) in exchange for the commitment of the Applicant to rent 85% of the units in the Proposed Project to residents with household incomes capped at 60% or below the AMFI, and to rent 10% of the units in the Proposed Project to residents with household incomes capped at 30% or below the AMFI, all in compliance with the maximum Low Income Tax Credit rents as published by the TDHCA. PASSED, APPROVED, AND ADOPTED this L day of April, 2005 THE 'ITY OF r ORGETOWN ayor :. Nelon Approxed as to form. 075v3Ydil-1/41)-- Patricia E. Caris City Attorney Attest: andra D. Lee, City Secre 4 Resolution No. v il%Zel' . eti Northwest Residential Apartment Home Community Project — Proposed Low Income Housing Tax Credit Project Page 1 of 1