Item Coversheet
MEETING DATE: 3/22/2021
DEPARTMENT:Community Services
DIRECTOR:Lori Schwarz, Director of Neighborhood Services
AGENDA ITEM:Public Hearing and consideration of a Resolution to provide no objection to an application for four percent housing tax credit for the proposed project located at 2505 K Avenue and 1005 E. Park Boulevard.
RECOMMENDED ACTION:Items for Individual Consideration


Public Hearing and adoption of Resolution No. 2021-3-3(R) to provide no objection to an application for four percent (4%) housing tax credit (HTC) financing to the Texas Department of Housing and Community Affairs (TDHCA) for the proposed affordable residential development project located on 4.5± acres, at 2505 K Avenue and 1005 E. Park Boulevard, Plano, TX; designating the City Manager to certify this resolution to TDHCA; and declaring an effective date. (Tabled at the March 16, 2021, City Council meeting.) Conducted and adopted


This item was tabled at the March 16, 2021 Council meeting.


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. Only a Resolution of No Objection is needed for the Non-competitive (4%) applications.


An application for a development that intends to request 4% housing tax credits has been submitted for the proposed K Avenue Lofts project.  This proposed development includes approximately 226 units on 4.5± acres, at 2505 K Avenue and 1005 E. Park Boulevard.  Income restricted units, set aside for households at or below 60% of the Area Median Income (AMI), make up 79% of the proposed development, while the remaining 21% of the units will not have income restrictions. Additionally, the proposed development is located in the Census Tract (319.00) where the Housing Tax Credit Units per household is greater than 20%. The proposed development is located within the city’s Concerted Revitalization Plan (CRP) area; however, CRP points are not applicable to non-competitive (4%) applications.


At their meeting on January 26, 2021, the Community Relations Commission (CRC) reviewed the application and determined the application met four out of the five threshold questions. The commission did not review the housing de-concentration factors triggered by this application; therefore, the application was not submitted to City Council for review. On February 252021, the CRC considered housing de-concentration factors by reviewing the application, Market Study, and letter of support provided by the applicant. After review of all documents, the CRC determined the application is eligible for a Resolution of No Objection.


If this Resolution of No Objection 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.


This item has no financial impact.               


Approval of this agenda item supports the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government.               

DescriptionUpload DateType
CRC Evaluation Sheet3/3/2021Attachment
CRC Application Packet3/2/2021Attachment