The Texas Department of Housing and Community Affairs (TDHCA) administers the State of Texas’ Housing Tax Credit Program (HTC), which is one of the primary means of directing private capital toward the development and preservation of affordable rental housing for low-income households. There are two types of housing tax credits: competitive (9%) and non-competitive (4%). Non-competitive (4%) applications are accepted year round, while competitive (9%) applications are submitted at the same time, once a year.
The City Council has approved the scoring criteria that is used to evaluate applications supporting a proposed affordable residential development project that intends to request funding from the Texas Housing Tax Credit Program (HTC). The scoring criteria includes a set of five threshold questions. To receive a Resolution of No Objection, an applicant must satisfy three questions. To receive a Resolution of Support, an applicant must satisfy at least four questions.
An application for a development that intends to request 9% housing tax credits has been submitted for the proposed Mariposa Apartment Homes at Plano Parkway project. This proposed development includes approximately 180 units on 5± acres, at approximately the northwest corner of Plano Parkway and Dallas Parkway. Income restricted units, set aside for households at or below 60% of the Area Median Income (AMI), make up 62% of the proposed development, while the remaining 38% of the units will not have income restrictions.
At their meeting on January 26th, the Community Relations Commission reviewed the application and determined it has satisfied four of the threshold questions, making the project eligible for a Resolution of Support. Likewise, the proposed development is not located within the city’s Concerted Revitalization Plan (CRP) area.
If this Resolution of Support is approved, the resolution will be included with the developer’s application submitted to the TDHCA. This resolution makes no finding regarding either the suitability of the proposed development site or compliance with the city’s development regulations. Furthermore, approval of this resolution will not be construed as a development permit or approval.