Affordable Housing Project Update - June 2011
The proposed award of tax credits for the North Court Villas proposed multi-family housing project will be discussed at the next meeting of the Texas Department of Housing and Community Affairs. It's worth noting the contract for this project was approved in September 2010.
The Texas Dept. of Housing and Community Affairs (TDHCA) will be meeting in Austin on June 30, 2011 at 8 a.m.:
TDHCA Board Meeting
William B. Travis Building
1701 Congress, Room 1-111
Written comments may be sent to:
Texas Department of Housing and Community Affairs
Multifamily Finance Division
P.O. Box 13941
Austin, Texas 78711-3941
Facsimile: (512) 475-0764
Email to: email@example.com
Be low is a timeline of Affordable Housing developments in Frisco:
In 2002, the Frisco City Council created the Housing Trust Fund Board. The board’s goal is to create programs which support affordable home rental and ownership options for people who work in Frisco. The Housing Trust Fund Board is also responsible for approving loan requests from the fund, which provides for two down payment assistant programs. Read more about the affordable housing currently in Frisco.
In 2003, the Frisco City Council established its Strategic Focus Areas (SFA), which defines short and long term goals for the City of Frisco. Frisco’s SFA plan also defines objectives and measures for achieving those goals, as determined by the Frisco City Council.
Creating and maintaining a “Sustainable City” has been consistently listed among the Council’s seven Strategic Focus Areas. To achieve ‘sustainability’, Frisco City Councils, past and present, list one of its goals as the following:
Maintain high standards and encourage the development of quality residential communities that provide a diversity of housing, lot sizes, open spaces and amenities (FY 2009-2010 Strategic Focus Areas, COF)
In June 2007, the Frisco City Council was approached by the Inclusive Communities Project, Inc. (ICP).
According to its website, ICP is “a not-for-profit organization that works for the creation and maintenance of thriving racially and economically inclusive communities, expansion of fair and affordable housing opportunities for low income families, and redress for policies and practices that perpetuate the harmful effects of discrimination and segregation.”
In October 2008, the Frisco City Council approved a resolution supporting a Local Political Subdivisions Grant Agreement between the City of Frisco and ICP. As a result, ICP agreed to provide a $2 million grant to the City of Frisco to incentivize affordable housing developments in Frisco. In return, the City of Frisco will provide the funding to developers eligible for low income housing tax credits awarded from the Texas Department of Housing and Community Affairs.
“If Frisco had not negotiated the agreement with ICP, then the likely outcome would have been a federal lawsuit filed against Frisco by ICP as it did against both McKinney and Flower Mound,” said George Purefoy, City Manager. “After 14 months of litigation, the McKinney Housing Authority is negotiating a settlement agreement with ICP which establishes the same general parameters as the Frisco agreement, except it includes a longer term agreement (5 years vs. 3 years) and it pays some of ICP’s attorneys’ fees.”
No city tax dollars are utilized to develop affordable housing under the ICP agreement. Any project funded under this program will meet all of Frisco’s current ordinances and regulations. The City of Frisco is in its second year of its three year agreement with ICP. No applications from developers were received during the first year.
On February 10, 2010, the Frisco Housing Trust Fund Board agreed to support the applications from two developers, VDC Frisco Reserve I, LP and Stewart Creek, LLP.
- Stewart Creek LLP is proposing to build North Court Villas, a 150 unit, low income apartment complex on 10 acres on the south side of Stonebrook Parkway, between Woodstream Drive and Preston Road.
- VDC Frisco Reserve I, LP is proposing to build Residences at Frisco, a 200 unit, low income apartment complex near the intersection of Sunset Drive and McKinney Road.
Under the ICP agreement, developers must set aside 50 units or 25% of the units, whichever is greater, for Section 8 vouchers. The two proposed developments would each have 50 units. Developers must be awarded Competitive HTC funds in order to receive the $2 million in ICP funds granted to the City of Frisco.
On February 16, 2010, the Frisco City Council approved requests from the developers Stewart Creek LLP and VDC Frisco Reserve I, LP for letters of support for their 2010 9% Housing Tax Credit Applications to be submitted to the Texas Department of Housing and Community Affairs. Link to item 25 on the Feb. 16 City Council Meeting agenda.
At the time of the February 16 city council meeting, there were 56 projects in Region 3 competing for $10 million dollars in available housing tax credits to support $86 million dollars in project needs. After the Texas Department of Housing and Community Affairs’ deadline of March 1 to submit a complete 2010 Competitive HTC application the number of projects competing for the $10 million dollars allocated for Region 3 dropped to 28, with a total of $41 million in project needs.
On March 17, 2010 the City of Frisco received notification from the Texas Department of Housing and Community Affairs that Stewart Creek, LLP filed a complete application for the Competitive HTC program for the North Court Villas complex. View the notification and application.
VDC Frisco Reserve I, LP has withdraw from the process for the proposed Residences at Frisco complex near the intersection of McKinney Road and Sunset Drive.
On April 14, 2010, a public hearing by the Texas Department of Housing and Community Affairs is scheduled for 6:00 p.m. at the J. Erik Johnson Central Library in downtown Dallas. The hearing is one of six across the state to gather public comment about the developments competing for HTC funds in 2010. View the public hearing announcement.