REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
THROUGH: PHIL SKEI, Assistant Director
Planning and Development Department
BY: KAREN JENKS, Housing Manager
Housing and Community Development Division
SUBJECT:
Title
***RESOLUTION - Supporting FCTC Family, LP's submission of a Low-Income Housing Tax Credit application for the construction of affordable housing at 200 N. Salma and expressing the City's intent to contribute to the Project in an amount not to exceed $6,180,000 upon full award of tax credit funding for the Project. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends the City Council approve the resolution supporting FCTC Family, LP's submission of a Low-Income Housing Tax Credit (LIHTC) application for the construction of affordable housing at 200 N. Salma (Project) and expressing the City's intent to contribute to the Project in an amount not to exceed $6,180,000 upon full award of tax credit funding for the Project.
EXECUTIVE SUMMARY
FCTC Family, LP (Developer) desires to apply for LIHTC to develop and construct 120 units, located at 200 N. Salma in Fresno, referred to as Sarah's Court 1. The City's resolution to appropriate an amount not to exceed $6,180,000 to the Project would assist the Developer to obtain and leverage funding for the Project. Up to $2,700,000 would be funded through the HOME Program (an amount previously approved by a City Council Resolution on June 24, 2021) and up to $3,480,000 would be funded through America Rescue Plan Act of 2021 (ARPA).
BACKGROUND
The California Tax Credit Allocation Committee (TCAC) facilitates the investment of private capital into the development of affordable rental housing for low-income Californians. TCAC allocates federal and state tax credits to the developers of these projects. Corporations provide equity to build the projects in return for the tax credits. TCAC verifies that the developers have met all the require...
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