REPORT TO THE CITY COUNCIL
February 17, 2022
FROM: JENNIFER CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development Department
SUBJECT
Title
***RESOLUTION - Supporting the Housing Authority of the City of Fresno's submission of a Low-Income Housing Tax Credit application for the construction of affordable housing at 1240 N. Crystal and expressing the City's intent to contribute to the Project in an amount not to exceed $3,500,000 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 the Housing Authority of the City of Fresno's submission of a Low-Income Housing Tax Credit (LIHTC) application for the construction of affordable housing at 1240 N. Crystal (Project) and expressing the City's intent to contribute to the Project in an amount not to exceed $3,500,000 upon full award of tax credit funding for the Project.
EXECUTIVE SUMMARY
The Housing Authority of the City of Fresno (Developer) desires to apply for LIHTC to develop and construct 63 units, located at 1240 N. Crystal in Fresno, referred to as Step Up on 99. The City's resolution to appropriate an amount not to exceed $3,500,000 to the Project would assist the Developer to obtain and leverage funding for the Project. This commitment would be funded through the 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 requirements of the program and ensures the continued affordability and habitability of the developments for the succe...
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