(CD 2, CD 3, CD 4, CD 5, CD 6, CD 7 and CD 8) Consider and Adopt Nine Resolutions of Support for the 2026 Competitive (9%) Housing Tax Credit Applications, Approve Commitments of Development Funding in the Form of Fee Waivers in the Approximate Amount of Up to $30,000.00 for Each Application/Development, Find that the Fee Waivers Serve a Public Purpose and that Adequate Controls are in Place, Determine that Developments Located in a Neighborhood Empowerment Zone, or Other Qualifying Area, Contribute to the City’s Revitalization Efforts, Acknowledge the One-Mile Three Year Rule, and Make Related Acknowledgments

Summary

The City Council is considering and adopting nine resolutions of support for 2026 Competitive (9%) Housing Tax Credit applications. These resolutions are crucial for developers seeking federal tax credits to build affordable multifamily housing. In conjunction with these resolutions, the City will approve commitments of development funding in the form of fee waivers, estimated at up to $30,000.00 per application. This funding aims to enhance the competitiveness of the tax credit applications.

The resolutions also include findings that these fee waivers serve the public purpose of providing quality, accessible, and affordable housing, aligning with the City's Comprehensive Plan and Annual Action Plan. Furthermore, the Council will determine that several of these developments contribute to the City's revitalization efforts by being located in designated areas such as Tax Increment Financing Districts or Neighborhood Empowerment Zones (NEZs). Specific acknowledgments are required for developments that might be subject to the "one-mile three-year rule" (The View at Altamesa) or are located in census tracts with a high concentration of existing housing tax credit units (Everman Senior Living and Pioneer Crossing), allowing them to proceed with their applications.

Nine developments are recommended for support:

• Irma Park (CD 2) - 1519 Circle Park Boulevard
• Ridglea Hills Hallmark (CD 3) - 6728 W Vickery Boulevard
• The Thompson (CD 4) - 4385 Thompson Road
• Cedar Ridge Residences (CD 5) - 265 Bridgewood Drive
• McCart Meadows Senior Living (CD 6) - 7100 McCart Avenue
• The View at Altamesa (CD 6) - 3025 Altamesa Boulevard
• Palladium Legacy Drive (CD 7) - 9750 Legacy Drive
• Everman Senior Living (CD 8) - 1700 Everman Parkway
• Pioneer Crossing (CD 8) - 1550 Everman Parkway

The fee waivers are conditioned upon the developments receiving the Housing Tax Credits from TDHCA. The total commitment for fee waivers across all nine developments could reach approximately $270,000.00 (9 x $30,000). The fiscal impact is noted as having no material effect on the Fiscal Year 2026 Budget, with any future impacts to be budgeted accordingly.

Citizen Impact

This action supports the development of nine new affordable housing projects across various council districts, which will increase the availability of housing for low- to moderate-income households. Residents may benefit from increased housing options, and the city's commitment through fee waivers helps make these projects more feasible.

Confidence

high