R-04-05-27-16D1 - 5/27/2004RESOLUTION NO. R -04-05-27-16D1
WHEREAS, low income housing tax credits are essential and
critically important in financing affordable housing opportunities in
this state, and
WHEREAS, the Capital Area Housing Finance Corporation together
with Campbell -Hogue & Associates desire to obtain tax credits through
the Low Income Housing Tax Credit application process in 2004 for a
senior rental housing development to be known as the Chandler's Cove
Retirement Apartments project, and
WHEREAS, the Capital Area Housing Finance Corporation and
Campbell -Hogue & Associates desire to develop Chandler's Cove
Retirement Apartments project jointly, and
WHEREAS, the Capital Area Housing Finance Corporation and
Campbell -Hogue & Associates proposed development of the Chandler's Cove
Retirement Apartments
senior housing, and
WHEREAS, Campbell -Hogue & Associates and the Capital Area Housing
Finance Corporation are seeking local support of this proposal, Now
Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
project will
meet a large demand for affordable
That the Mayor and City Council
support the submission of an
application by the Capital Area Housing Finance Corporation together
with Campbell -Hogue & Associates for tax credits through the Low Income
Housing Tax Credit program for the purpose of developing the Chandler's
Cove Retirement Apartments affordable senior housing project.
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The City Council hereby finds and declares that written notice of
the date, hour, place and subject of the meeting at which this
Resolution was adopted was posted and that such meeting was open to the
public as required by law at all times during which this Resolution and
the subject matter hereof were discussed, considered and formally acted
upon, all as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended.
RESOLVED this 27th day of May, 2004.
ATlEST:
_ Yi)
CHRISTINE R. MARTINEZ, City Secretary
2
f Round Rock, Texas
N
Chandler's Cove - 8 Acres
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DATE:
SUBJECT:
ITEM:
May 21, 2004
City Council Meeting - May 27, 2004
16.D.1. Consider a resolution in support of Chandler's Cove
Retirement Apartments tax credit application.
Department: Planning
Staff Person: Mona Ryan, Community Development Coordinator
Justification: The Texas Department of Housing and Community Affairs (TDHCA)
administers the tax credit program and requires evidence of
community support for development proposals.
Funding:
Cost: N/A
Source of funds: N/A
Outside Resources:
Background Information:
Public Comment:
NA
Campbell -Hogue & Associates in a joint venture with the
Capital Area Housing Finance Corporation and Chandler's
Cove Retirement Apartments is proposing a mixed
income development for seniors, with incomes ranging
from 40% of median to market. Chandler's Cove will
consist of 90 single story apartment units, 72 (80%) of
which will be rent restricted according to the median
family incomes established by the Department of
Housing and Urban Development with the balance of 18
(20%) units at market rents.
Chandler's Cove Retirement Apartments will be financed
utilizing low income housing tax credit equity and
conventional and supplemental below market financing.
The estimated total cost of the development (though this
number will continue to change as refinements are made
to the budget) is approximately $7.7 million. The current
estimate is that the project will generate $391,000 in
annual tax credits which at an estimated price of 80(
would generate equity in the amount of $3.1 million.
The balance of the costs would be financed utilizing a
conventional FNMA permanent loan in the amount of
$3.55 million and a HOME or Housing Trust Fund loan in
the amount of $500,000. The remaining funding gap
would be filled by deferring development fees. This
property will become tax exempt according to local
government code 394.905 and ad valorem taxes will be
paid under a PILOT (payment in lieu of taxes) agreement
between the owners and the city.
N/A
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Round Rock/Williamson County/Austin-San Marcos, TX Metropolitan Statistical Area
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Updated January 30, 2004