Presenter/Contact
Presenter
Robert Camareno, City Manager
Contact Info
rcamareno@nbtexas.org
Subject Header
SUBJECT:
Title
Discuss and consider approval of a resolution authorizing the Texas Housing Foundation to exercise its powers within the territorial boundaries of the City of New Braunfels to develop an affordable housing project; and authorizing the city manager to execute a cooperation agreement.
Body
BACKGROUND / RATIONALE:
The Texas Housing Foundation (THF,) a private non-profit organization, creates, develops, administers, manages, and provides services to affordable housing projects for the residents and communities in which they are located. The Texas Housing Foundation is authorized to exercise its powers as a regional housing authority under the Texas Housing Authorities Law - Texas Local Government Code, Chapter 392. However, state law requires approval of both the New Braunfels Housing Authority (NBHA) and the City of New Braunfels. Specifically, Section 392.017 (d) of the Texas Local Government Code requires the governing body of a municipality and the NBHA adopt a resolution declaring a need for a regional housing authority to exercise its power within the municipality. Section 392.059 requires cooperation agreements between the Foundation and both the City and Housing Authority to operate within the jurisdictional boundaries of the Housing Authority of the City of New Braunfels.
The THF is governed by a six (6) member board of directors appointed by the County Commissioners of certain counties in which the THF operates, as well as an appointed Resident Commissioner. Currently, Bastrop, Blanco, Burnet, Llano and Williamson Counties participate within the organizational structure of the Texas Housing Foundation. THF has provided more than $400M and more than 3600 units of affordable housing.
THF proposes, with this request, to develop one affordable housing project within the jurisdictional boundaries of the NBHA. The proposed project will be financed with Low Income Housing Tax Credits (LITHC), Private Activity Bonds (PAB) and private financing. THF will be the general partner in a development partnership and will act as the managing partner, asset manager, and compliance coordinator for the development. After the initial affordability and compliance measure are met, THF will be the owner of the development.
Contact: Mark A. Mayfield, President and Chief Executive Officer
Texas Housing Foundation
1110 Broadway
Marble Falls, Texas 78654
Staff has met with the leadership of THF, the NBHA, and others involved in the affordable housing discussion and believes the project will benefit the community’s affordable housing needs.
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
N/A
FISCAL IMPACT:
The proposed project intends to be financed with Private Activity Bonds, 4% low income housing tax credits, and private financing. The project will be exempt from local property taxes.
Recommendation
COMMITTEE RECOMMENDATION:
The New Braunfels Housing Authority Board of Directors unanimously adopted a resolution of approval for this project on May 2, 2019.
STAFF RECOMMENDATION:
Staff recommends approval of the resolution.