HomeMy WebLinkAbout2-22-2007-01 - Resolution - 02/22/2007
RESOLUTION NO. 2-22-2007-01
A RESOLUTION OF THE CITY OF COLLEGE STATION, TEXAS, DECLARING
SUPPORT FOR THE HOMESTEAD DEYELOPMENT GROUP, LTD, JOINT HOUSING
TAX CREDIT AND HOME INVESTMENT PARTNERSHIP PROGRAM APPLICATION TO
THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE
YEAR 2007.
WHEREAS, Homestead Development Group, Ltd. has proposed an affordable rental housing
development, known as "Santour Court" in the City of College Station, and intends to submit a
joint application to Texas Department of Housing and Community Affairs (TDHCA) for 2007
Housing Tax Credits and HOME Investment Partnership (HOME) Program Funds for Santour
Court; and
WHEREAS, 950.9(5) of the Texas Administrative Code, which gives Housing Tax Credit points
for the commitment of development funding by local political subdivisions, states that the
TDHCA HOME Program funds will not qualify for points in this category "unless a resolution is
submitted with the application from the Local Political Subdivision authorizing that the
Applicant act on behalf of the Local Political Subdivision in applying for HOME Program or
Housing Trust Funds from TDHCA for the particular application."; and
WHEREAS, the construction of affordable rental housing is in accordance with the City of
College Station 2005-2009 Consolidated Plan which demonstrates a need for this type
development; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1:
That the City Council hereby declares support of the application of Homestead
Development Group, Ltd. to TDHCA, and appoints Homestead Development
Group, Ltd. to act on its behalf in applying for TDHCA HOME Program funds in
the amount of $733, 116.00 for Santour Court.
PART 2:
That additional funding in the amount of $500,000.00 in the form of an interest-
free loan, repayable upon completion ofthe affordability period, shall be provided
to Homestead Development Group, Ltd. from the City's Community Development
budget contingent upon (i) execution of an acceptable development agreement,
(ii) the receipt of an award of Housing Tax Credits by Homestead Development
Group, Ltd. from TDHCA, and (iii) actual receipt and availability of sufficient
HOME Investment Partnership grant funds by the City of College Station.
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RESOLUTION NO. 2-22-2007-01
Page 2
PART 3:
That the development of Santour Court fulfills a need for additional affordable
rental housing in accordance with the City of College Station 2005-2009
Consolidated Plan.
PART 4:
That this resolution shall take effect immediately from and after its passage.
ADOPTED this 22nd day of Februarv, A.D. 2007.
ATTEST:
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CONNIE HOOKS, City Secretary
APPROVED:
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RON SIr.: I , Mayor
APPROVED:
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City Attorney