Res 2022-054R/Approving amendment to the low-income housing tax credit LIHTC policy section of the affordable workforce housing policy to clarify the process

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ii. Identify areas appropriate for designation as a Local Efficient Area iii. Target incentives for development of affordable / workforce housing in LEAs. b. Improve energy efficiency to reduce housing costs. Continue energy audit and indoor water survey programs, maintain funding for energy efficiency rebate programs, and continue public education about programs Utilize energy audits to identify low-income households with a history of very high utility bills whose energy use could be lowered through energy efficiency upgrades. Refer residents to available programs that assist with weatherization or other energy efficiency upgrades. LOW INCOME HOUSING TAX CREDIT POLICY (LIHTC) The City of San Marcos utilizes the following criteria.and additional considerations -ice to determine -if a LIHTC p_rAect is consistent with the Corn_prehensive Plan and other policy documents related to housing Resolutions of Support/ N2_Qj�ion Applications must fully meet at least five 151 of the eight 181 criteria below, including criteria #1, in order to receive a staff recommendation a- . *4f -S �&F.which is resented to the Workforce HouZDA Council Committee. �r s consideration by City_Council. Criteria 1. No exemption from local taxes may be considered unless the project meets the criteria listed below. The purpose of this criteria is to help increase the City's inventory of affordable units and ensure that units benefiting from the program are reserved for low income households that need them. a. A minimum of 25% of all units within the project shall be affordable to households at or below 30% percent of the AMI for the duration of the tax exemption. b. A minimum of 10% of the units affordable to households at or below 30% of the AMI shall be ADA accessible. c. A minimum of 35% of the units within a project that is not age -restricted shall include a minimum of three bedrooms in each unit. d. The project shall include these criteria in the Texas Department of Housing and Community Affairs Land Use Restriction Agreement (LURA). e. When considering a recommendation of support, preference should be given to projects that utilize a local entity for such tax exemptions. 2. The proposed units address a housing need identified in this housing policy or in the City's current consolidated plan for HUD programs. 3. The project is located within a high or medium intensity zone on the preferred scenario map. 4. The project is not proposed to develop under a legacy district on the City's current zoning map. Affordable & WorkforceE Housing Policy 6 Adopted July 2014; Amended March 2017,, -&June 2018,_& March 1, 2022