HomeMy WebLinkAbout10-13-11-02 - Resolution - 10/13/2011RESOLUTION NO. 10- 13 -11 -02
A RESOLUTION OF THE CITY OF COLLEGE STATION, TEXAS, DECLARING
SUPPORT FOR THE NRP HOLDINGS, LLC "DEVELOPER" JOINT HOUSING TAX
CREDIT AND HOME INVESTMENT PARTNERSHIP PROGRAM APPLICATION TO
THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE
YEAR 2012.
WHEREAS, the Developer has proposed an affordable senior rental housing development
"Development" to be built in the City of College Station, and intends to submit a joint
application to Texas Department of Housing and Community Affairs (TDHCA) for 2012
Housing Tax Credits and HOME Investment Partnership (HOME) Program Funds for the
Development; and
WHEREAS, Housing Tax Credit points are given for the commitment of development funding
by local political subdivisions and 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." Title 10 Part 1 §50.9(5) of the Texas Administrative Code, and
WHEREAS, the construction of affordable senior rental housing is in accordance with the City
of College Station 2010 -2014 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 l: That the City Council hereby declares support of the application for tax credits of
the Developer to TDHCA.
PART 2: That additional funding in an amount up to $1 ,000,000.00 in the form of a low -
interest loan, repayable upon completion of the affordability period, may be
provided to the Developer from the City's Community Development budget
contingent upon:
(i) satisfactory completion of environmental review and receipt by the
City of College Station of release of funds from the U.S. Department of
Housing and Urban Development under 24 CFR Part 58,
(ii) execution of an acceptable development agreement,
(iii) the receipt of an award of Housing Tax Credits by NRP Holdings,
LLC. from TDHCA, and
Housing Tax Credit Resolution 2
(iv) actual receipt and availability of sufficient HOME Investment
Partnership grant funds by the City of College Station.
PART 3: This Resolution does not constitute a commitment of funds or site approval, and
that such commitment of funds or approval may occur only upon satisfactory
completion of environmental review and receipt by the City of College Station of
a release of funds from the U.S. Department of Housing and Urban Development
under 24 CFR Part 58. The parties further agree that the provision of any funds to
the project is conditioned on the City of College Station's determination to
proceed with, modify or cancel the project based on the results of a subsequent
environmental review.
PART 4: That the Development fulfills a need for additional affordable senior rental
housing in accordance with the City of College Station 2010 -2014 Consolidated
Plan.
PART 5: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 13 day of October, 2011,
ATTEST:
City Secrets
APPROVED:
Mayor
APPROVED:
C•
City Attorney