Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, of no Objection to the Application of PK Development Group, LLC to the Texas Department of Housing and Community Affairs (TDHCA) for Tax Credits for the Acquisition and Renovation of the Pecan Bend Apartments Located at 501 Kings Way Drive; Finding That the Meeting at Which This Resolution is Passed is Open to the Public as Required by Law; and Declaring an Effective Date
Requested Action
Consider the attached resolution of no objection to the application for Housing Tax Credits to the Texas Department of Housing and Community Affairs for the acquisition and renovation of the Pecan Bend Apartments.
Recommendation
Staff Recommends approval.
Description/History
PK Development Group, LLC has submitted a request to the City for support of its application to the TDHCA for housing tax credits to acquire and renovate the apartments located at 501 Kings Way Drive known as the Pecan Bend Apartments.
Proposed renovations to the property would include re-shingling the roof, repair/replacing all siding, replacing entry light fixtures, repairing sidewalks and the parking lot, improvements to existing maintenance offices, leasing offices and community room improvements to hot water heaters, appliances, cabinets/countertops, plumbing and electrical fixtures, interior doors, carpet, vinyl, and paint. HVAC systems will be replaced and all ADA issues will be resolved.
Justification
Each year, the Texas Department of Housing and Community Affairs (TDHCA) accepts applications for Housing Tax Credits to help fund affordable housing in Texas. Developers participate in this competitive process by identifying a location, engaging local stakeholders, and securing their support for the project. The TDHCA implements a Qualified Allocation Plan (QAP), which outlines the scoring criteria for the applications.
A portion of the points available under the QAP are tied to the municipality’s support/no objection to the application and a commitment of development funding in the form of a fee waiver or reduction, grant, or gap funding.
Funding Source
N/A
Prepared By
Vanessa Ramirez, Assistant City Manager/Deputy City Attorney