Res 2022-166R/providing no objection to the submission of an application for Low Income Housing Tax Credits (LIHTC) to the Texas Department of Housing and Community Affairs

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RESOLUTION NO. 2022-166R 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 1800 APARTMENTS MULTIFAMILY HOUSING PROJECT LOCATED ON THE SOUTH SIDE OF CENTERPOINT ROAD APPROXIMATELY 1,900 FEET EAST OF 11135; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH NON OBJECTION; AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE SAID AGREEMENT AND TO SUBMIT AND EXECUTE DOCUMENTS RELATED TO THE APPLICATION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. NRP Lone Star Development, LLC. (the "Applicant") has proposed a multifamily development presently known as "1800 Apartments" for affordable rental housing on the south side of Centerpoint Road approximately 1,900 feet east of IH 35 in the City of San Marcos which will include 330 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 §I1.3(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 meets the necessary criteria in order to be considered for an exemption from local taxes as follows: