Res 2024-090 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 Blanco Basin Multifamily Housing Project

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RESOLUTION NO. 2024-90R 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 BLANCO BASIN MULTIFAMILY HOUSING PROJECT LOCATED TO THE NORTHEAST OF THE INTERSECTION BETWEEN E MCCARTY LANE AND THE UNION PACIFIC RAILROAD; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH NON OBJECTION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. JES Dev Co,Inc. (the"Applicant")has proposed a multifamily development presently known as "Blanco Basin" for affordable rental housing located to the northeast of the intersection between E McCarty Lane and the Union Pacific Railroad which will include 222 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 meets the necessary criteria in order to be considered for an exemption from local taxes as follows: a. The project will provide a minimum of 34 units (15% of all units) affordable to households at or below 30% AMI for the duration of the tax exemption; b. The project will provide a minimum of 4 units (or 1.8% of all units) that are ADA accessible and affordable to households at or below 30%AMI;