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Presentation, discussion, and possible action regarding the issuance of a Determination Notice for 4% Housing Tax Credits for Creek Bend Apartments in San Antonio (#24478)
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RECOMMENDED ACTION
recommendation
WHEREAS, a 4% Housing Tax Credit application for Creek Bend Apartments, sponsored by Pedcor Investments and the San Antonio Housing Trust Public Facility Corporation, was submitted to TDHCA on July 22, 2024;
WHEREAS, a Certificate of Reservation was issued for the project on May 31, 2024, with an expiration date of November 27, 2024;
WHEREAS, letters of opposition for the proposed development have been received from State Senator Donna Campbell, State Representative Mark Dorazio, Bexar County Commissioner Grant Moody, and Superintendent of Schools for Comal ISD, Dr. John E. Chapman III;
WHEREAS, several letters of opposition were received from individual members of the community surrounding the proposed development site; and
WHEREAS, staff recommends approval of a Determination Notice for 4% Housing Tax Credits for Creek Bend Apartments;
NOW, therefore, it is hereby
RESOLVED, that the issuance of a Determination Notice of $4,972,498 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 Creek Bend Apartments, is hereby approved in the form presented at this meeting.
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BACKGROUND
General Information: Creek Bend Apartments proposes the new construction of 312 units, serving the general population, to be located at 2335 E Borgfeld Drive in San Antonio, Bexar County. The Certificate of Reservation from the Bond Review Board was issued under the Priority 3 designation, which has no specific requirements in terms of rent and income restrictions. According to the submitted tax credit application, 16 units will be rent- and income-restricted at 30% of Area Median Family Income (AMFI), 254 units will be rent- and income-restricted at 60% of AMFI, and 42 units will be rent- and income-restricted at 70% of AMFI.
Letters of Opposition: Throughout the course of the application review process, three letters of opposition from elected officials were submitted to TDHCA for the proposed development: one from State Senator Donna Campbell, one from State Representative Mark Dorazio, and one from Bexar County Commissioner Grant Moody. Moreover, several letters of opposition have been submitted from individual members of the community surrounding the proposed development. Finally, a letter of opposition was submitted from the Superintendent of Schools for Comal ISD, Dr. John E. Chapman III. The letter from Dr. Chapman, along with those individual letters from community members, and the letters from local elected officials are included herein.
Applicant response: The applicant has submitted a letter in response to the letters of opposition that were submitted for the proposed development. This applicant response letter is included herein as well.
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. A Resolution of No Objection was required to be submitted from both the city and county since the development is proposed to be located in the extra-territorial jurisdiction of San Antonio. The required resolutions were received. With the bonds being issued by a local bond issuer, San Antonio Housing Trust PFC, the issuer is required to hold a public hearing regarding the proposed development.
Staff recommends the approval of a Determination Notice for 4% Housing Tax Credits for Creek Bend Apartments in the amount described in the Real Estate Analysis underwriting report, which is posted to the Department’s website.