Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Amending the Policy for the Review and Consideration of Requests for Resolutions in Support of Housing Developments Seeking or Utilizing Low Income Housing Tax Credits and Providing for an Effective Date Upon Passage
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: March 21, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken, Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution
ITEM SUMMARY:
• The attached policy provides administrative procedures for the evaluation, review and consideration of requests for Resolutions of Support from development utilizing Low Income Housing Tax Credit (LIHTC) financing through the Texas Department of Housing and Community Affairs.
• The policy has been amended to request that the development be an approved land use at the proposed site.
BACKGROUND INFORMATION:
• The Low Income Housing Tax Credit (LIHTC) financing program was enacted under the Tax Reform Act of 1986.
• Developers wishing to utilize LIHTCs issued through the Texas Department of Housing and Community Affairs (TDHCA), must submit a Resolution from the governing body of the municipality in which the development will be located.
• The City Council of the City of McKinney passed the Low Income Housing Tax Credit (LIHTC) policy at the November 1, 2016 City Council meeting, Resolution # 2016-11-161.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A