Res 2024-020 providing support for the submission of an application for Low Income Housing Tax Credits (LIHTC) to the Texas Department of Housing and Community Affairs for Riverview Apartments located at 601 River Road

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RESOLUTION NO. 2024-20R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS PROVIDING SUPPORT FOR THE SUBMISSION OF AN APPLICATION FOR LOW INCOME HOUSING TAX CREDITS TO THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE REHABILITATION OF THE RIVERVIEW APARTMENTS LOCATED AT 601 RIVER ROAD; APPROVING FINDINGS RELATED TO THE APPLICATION; AUTHORIZING THE CITY MANAGER, OR HER DESIGNEE, TO EXECUTE SAID AGREEMENT AND TO SUBMIT AND EXECUTE DOCUMENTS RELATED TO THE APPLICATION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. Riverview Apartments SM, LP. (the "Applicant") has proposed rehabilitation of an existing, affordable, multifamily development presently known as "Riverview Apartments" located at 601 River Road which will includes 54 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 a 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. 5. 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. The Applicant is not requesting to be considered for an exemption from local taxes;