Agenda Information Sheet
DEPARTMENT: Community Affairs
CM/ACM: Todd Hileman
DATE: May 2, 2017
SUBJECT
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Receive a report, hold a discussion and give staff direction regarding a requests for resolutions of no objection for two 4% tax credit housing developments, in partnership with the Denton Housing Authority.
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BACKGROUND
The Denton Housing Authority (DHA) has been working with a private developer, Ojala Holdings, on two, 4% tax credit housing developments. One of the developments (The Standard at Medpark Station) is proposed to be a 263 unit multi-family development consisting of one, two, and three bedrooms. The other (The Hudson at Medpark Station) is a 160 unit Senior Development consisting of one and two bedrooms. Both of these development projects have gone through the development review and planning and zoning process and have all approvals needed. They plan to partner with the DHA on these developments, which means the developments will be exempt from property taxes.
In December of 2016, Ojala obtained an Encouragement Letter from the Department of Housing and Urban Development (HUD) to proceed with the developments. HUD is going to provide debt financing for the construction. If Ojala does not submit full application materials to them by May 17, 2017, they will have to start the process over at a significant cost (upwards of $100,000). They are seeking the resolutions of non- opposition so that they can complete and submit their application to HUD.
The proposed developments are located northwest of the Mayhill Road and Colorado Boulevard intersection (Exhibit 1). It comprises the westernmost area, located at the terminus of Hudsonwood Drive, and is approximately 20.49 acres. The developments will be located on both the north and south side of Hudsonwood Drive and will feature two different complexes of apartments, as reflected on the Proposed Site Plan (Exhibit 2). Ojala initially intended to combine the two complexes int...
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