Res 2022-033/providing no objection to the submission of an application for low income housing tax credits to the Tx Dept of Housing and Community Affairs. Liv at Whisper Hills (55+)500 Blk of Celebration Way.

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RESOLUTION NO. 2022-33R 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 LIV AT WHISPER HILLS (55+) MULTIFAMILY HOUSING PROJECT LOCATED IN THE 500 BLOCK OF CELEBRATION WAY; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH NON OBJECTION; APPROVING AN ASSOCIATED AGREEMENT UNDER WHICH THE OWNER OF THE PROJECT WILL MAKE AN ANNUAL PAYMENT IN LIEU OF TAXES IN THE AMOUNT OF $11,000.00; PROVIDING AUTHORIZATION FOR THE EXECUTION OF SAID AGREEMENT AND THE EXECUTION AND SUBMISSION OF DOCUMENTS RELATED TO THE APPLICATION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. CLX Whisper Land, LLC (the "Applicant") has proposed a senior (55+) multifamily development for affordable rental housing consisting of 267 residential units in the 500 Block of Celebration Way named LIV at Whisper Hills in San Marcos, Hays County, Texas (the "Project"). All 267 units will be for those making eighty percent (80%) Area Median Income. 2. The Applicant has communicated that it intends to submit an application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2022 Housing Tax Credits funds 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. As provided for in §11.101(a)(3) of the Qualified Allocation Plan, the Project is located in a census tract that has a poverty rate above forty percent (40%) for developments in Region 7 for individuals. 5. Rental rates for apartment units in the Project will range between thirty percent (30%) and seventy percent (80%) of the Area Median Income, so the Project will serve an underserved demographic in Hays County based on a market study for the Project presented to the TDHCA; and 6. In accordance with the requirements of Texas Goverment Code §2306.67071 and Texas Administrative Code § 11.204(4): a. notice has been provided to the City of San Marcos, Texas;