Res 2019-026/providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs for the proposed Riverstone Multifamily Housing Project located at 1430 Wonder World Drive

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RESOLUTION NO. 2019-26R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS PROVIDING NO OBJECTION TO THE SUBMISSION OF AN APPLICATION FOR LOW INCOME HOUSING TAX CREDITS TO THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE PROPOSED RIVERSTONE MULTIFAMILY HOUSING PROJECT LOCATED AT 1430 WONDER WORLD DRIVE; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH NON OBJECTION; PROVIDING AUTHORIZATIONS FOR EXECUTION OR SUBMISSION OF DOCUMENTS RELATED TO THE APPLICATION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. LDG Development (the "Applicant") has proposed a multifamily development presently known as "Riverstone" for affordable rental housing at 1430 Wonder World Drive in the City of San Marcos which will include approximately 336 affordable units (the "Project"). 2. The Applicant has communicated that it intends to submit an application to the Texas Department of Housing and Community Affairs ("TDHCA") for Low Income Housing Tax Credits for the Project. 3. As provided for in §11.3(c) of the Qualified Allocation Plan, the City of San Marcos has more than twice the state average of units per capita supported by Housing Tax Credits or Private Activity Bonds. 4. In accordance with the requirements of Texas Government Code §2306.67071 and Texas Administrative Code § 11.204(4): a. notice has been provided to the City of San Marcos, Texas; b. the City of San Marcos, Texas has had sufficient opportunity to obtain response from the Applicant regarding any questions or concerns about the Project; and C. the City of San Marcos, Texas has held a hearing at which public comment may be made on the Project. S. The Applicant has demonstrated that the Project complies with the City of San Marcos Affordable Housing Policy pertaining to consideration of Low Income Housing Tax Credit projects by meeting at least five of the eight necessary criteria as follows: a. No exemptions from local taxes shall be given; b. The Project will address a housing need by providing affordable multifamily housing meeting the City's Multifamily Design Standards which require vehicular and pedestrian connectivity. Additionally, sidewalks will be required along all public streets and pedestrian connections will be made within the Project boundaries;