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Presentation, discussion, and possible action regarding the issuance of a Determination Notice for 4% Housing Tax Credits for Willow Creek Manor in Houston (#24460)
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RECOMMENDED ACTION
recommendation
WHEREAS, a 4% Housing Tax Credit application for Willow Creek Manor, sponsored by Pedcor Investments and APV Redevelopment Corporation, was submitted to TDHCA on April 22, 2024;
WHEREAS, a Carryforward Designation Certificate was issued for the project on January 11, 2024;
WHEREAS, two letters of opposition from the Klein Independent School District were submitted for the proposed development;
WHEREAS, a letter of opposition from State Representative Sam Harless was submitted for the proposed development;
WHEREAS, a letter of support from Terry Estell, the Assistant Pastor at Greater New Solomon Temple Church of God in Christ, was submitted for the proposed development;
WHEREAS, a letter of support from Northwest Assistance Ministries, a local nonprofit, was submitted for the proposed development; and
WHEREAS, staff recommends approval of a Determination Notice for 4% Housing Tax Credits for Willow Creek Manor;
NOW, therefore, it is hereby
RESOLVED, that the issuance of a Determination Notice of $3,434,480 in 4% Housing Tax Credits, subject to underwriting conditions that may be found in the Real Estate Analysis report posted to the Department’s website for Willow Creek Manor, is hereby approved in the form presented at this meeting.
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BACKGROUND
General Information: Willow Creek Manor proposes the new construction of 264 units to be located at 10621 Cossey Road in Houston, Harris County. The development will serve the general population, and all 264 units will be rent and income restricted at 60% of Area Median Family Income (AMFI).
Willow Creek Manor was issued a Carryforward Designation Certificate on January 11, 2024, and a 4% tax credit application was submitted on April 22, 2024. Throughout the course of the application review process, three letters of opposition were submitted to TDHCA for the proposed development; two letters from the Klein Independent School District, and one from State Representative for Texas House District 126, Sam Harless. Additionally, two letters of support for the proposed development were submitted. One letter is from Terry Estell, the Assistant Pastor at Greater New Solomon Temple Church of God in Christ, which is a local church that is located in close proximity to the proposed development. The second support letter is from the Northwest Assistance Ministries, a local, community-based nonprofit operating in Houston. All five letters are included with this agenda item.
The application has completed the 4% housing tax credit program, underwriting, and previous participation review processes, and has met all applicable eligibility, threshold and feasibility requirements.
Staff recommends the approval of a Determination Notice for 4% Housing Tax Credits for Willow Creek Manor in the amount described in the Real Estate Analysis underwriting report, which is posted to the Department’s website and included herein.