AGENDA INFORMATION SHEET
DEPARTMENT: Department of Development Services
ACM: Jon Fortune
DATE: February 21, 2017
SUBJECT
Title
Receive a report, hold a discussion on the housing programs and other activities carried out by the Denton Housing Authority (DHA) and give staff direction regarding requests for resolutions from developers applying for state tax credit.
Body
BACKGROUND
On January 10, 2017, a summary of the Texas Department of Housing & Community Affairs Tax Credit Program was presented to the City Council. The purpose of the item was to seek direction on how to proceed with current and future requests for resolutions from developers applying for state tax credit. The Council received project details proposed by two developers, Palladium USA and Ojala Holdings upon which they requested a discussion with DHA in order to understand how partnering with tax credit projects can help further DHA's mission of providing workforce and affordable housing.
On February 7, 2017, DHA presented their mission and shared information on existing housing programs and partnerships. DHA also presented additional information on the state tax credit program and details on the projects that are applying for state tax credit. DHA is currently negotiating partnerships with four projects, two projects are applying for a 4 percent tax credit and two projects are applying for a 9 percent tax credit. During this meeting, the Council requested some additional information which is summarized in the attached memorandum.
The two projects that are applying for a 9 percent tax credit are Palladium Denton and The Reserve at Sherman. The developers of these projects are requesting resolutions from Council during this meeting because their applications are due on March 1. Both projects are zoned Community Mixed Use General (CM-G). Multi-family is a permitted use in this zoning district with limitations L(4) and L(6). Both developers have informed the Planning Division that they wi...
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