From
Megan Mahan
Title
Resolution amending Resolution 5007-2019 (Low Income Housing Tax Credits (LIHTC) Review and Recommendation Policy) for the City of Grand Prairie, Texas by the Incorporation of a Housing Revitalization Policy and a Housing Tax Credit Policy
Presenter
William A. Hills, Deputy City Manager
Recommended Action
Approve
Analysis
On April 2, 2019, City Council passed a establishing a Low Income Housing Tax Credits (LIHTC) Review and Recommendation policy. This policy provided specific guidelines and clarify the Grand Prairie City Council's guidance for the approval of Low Income Housing Tax Credit projects requesting a Resolution of Support or Resolution of No Objection from the Grand Prairie City Council. Staff wishes to amend Attachment A and further define the policy by adding 1) a housing revitalization policy focused on the preservation and rehabilitation of multi-family housing units and various tools available to developers in pursuit of these goals, and 2) a housing tax credit policy that provides a more detailed explanation of the process and criteria used when applying for, and in review of, applications for 9% and 4% LIHTC projects.
Financial Consideration
None
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING RESOLUTION NUMBER 5007-2019 BY THE INCORPORATION OF A HOUSING REVITALIZATION POLICY AND A HOUSING TAX CREDIT POLICY
Whereas, Grand Prairie, Texas City Council supports the development of (LHITC) projects; and
Whereas, on April 2, 2019, the Grand Prairie City Council approved Resolution No. 5007-2019 approving and adopting a “Housing Tax Credit Review and Recommendation Policy” (attached as Exhibit A) establishing a policy for the review and recommendation of projects requesting a resolution of support or a resolution of no objection from the Grand Prairie City Council; and
WHEREAS, Grand Prairie, Texas City Council wishes to further encourage the development of LIHTC projects by amending Resolution No. 5007-2019 to incorporate 1) a housing revitalization policy focused on the preservation and rehabilitation of multi-family housing units and various tools available to developers in pursuit of these goals, and 2) a housing tax credit policy that provides a more detailed explanation of the process and criteria used when applying for, and in review of, applications for 9% and 4% LIHTC projects.
NOW THEREFORE, BE IT RESOLVED, by the city council of the City of Grand Prairie, Texas that:
Section 1. That the City Council approves and adopts this amendment to Resolution No. 5007-2019; and
Section 2. That copies of the “City of Grand Prairie Housing Revitalization Policy” and the “Housing Tax Credit Policy” (attached hereto as Exhibits B and C, respectively), are incorporated herein for all intents and purposes.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, OCTOBER 13, 2020.