FW Steele Sabine Place, LLC, an affiliate of Steele Acquisitions II LLC, is applying to the Texas Department of Housing and Community Affairs (TDHCA) for 2017 Non-Competitive (4%) Housing Tax Credits for the rehabilitation of the Sabine Place Apartments, a mixed income multifamily development and has requested support from the City of Fort Worth. TDHCA requires Housing Tax Credit applicants to provide a Resolution of No Objection from the governing body of the jurisdiction in which the proposed development will be sited. As part of these TDHCA requirements, the governing body must also conduct a public hearing for citizens to provide comment on the proposed development. The Sabine Place Apartments has approximately 72 units, of which one will be renovated for community amenities. Eight units will be set aside for households earning less than 30% of area median income (AMI) with the remainder to be affordable to households with incomes at or below 60 percent of AMI. The development will remain zoned "F" - General Commercial. The development currently has a Housing Assistance Payments Contract and as a result will not be required to set aside defined percentages of units for market rate, Rental Assistance Demonstration or Permanent Supportive Housing units, in accordance with the City's Policy for Council Resolutions for Tax Credit Projects. The development will have two and three bedroom units and amenities will include an upgrade to the children's play area.
At its meeting on September 21, 2017, the Fort Worth Housing Solutions (FWHS) Board of Directors approved partnering with Steele Properties II, LLC by becoming the managing member of the FW Steele Sabine Place, LLC, the entity that will rehabilitate, own and manage the Sabine Place Apartments. In addition to becoming the managing member, the FWHS will own the land and continue to provide 71 project based vouchers.
Following the close of the public hearing, Staff requests that the City Council consider the attached Resolution of No Objection to support the application for 2017 Non-Competitive (4%) Housing Tax Credits for the rehabilitation of the Sabine Place Apartments. The development could assist the City in fulfilling its goals under its Consolidated Plan and Comprehensive Plan by supporting economic development and providing quality, accessible, affordable housing for low to moderate income residents. This development is located in COUNCIL DISTRICT 2. This M&C does not request approval of a contract with a business entity. |
