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City of Georgetown, TexasCity Council Agenda
January 26, 2016
SUBJECT:Forwarded from the Housing Advisory Board:Consideration and possible action to approve a resolution of support for DDC Merritt Heritage, Ltd. to applyfor Housing Tax Credits for the construction of 220 units to house seniors, to be known as the MerrittHeritage Apartments, located at 4700 Williams Drive -- Jennifer C. Bills, Housing Coordinator and LaurieBrewer, Assistant City Manager.
ITEM SUMMARY:Housing Advisory Board Recommendation:At the January 14, 2016, the board unanimously recommended approval of the resolution of support request.
See attached staff report.
FINANCIAL IMPACT:The development will pay all property taxes.
The applicant is requesting a nominal fee waiver to fulfill the TDHCA points requirement of receiving a feewaiver, grant or loan from the local jurisdiction.
SUBMITTED BY:Jennifer C. Bills, Housing Coordinator
ATTACHMENTS:
Staff Report--Merritt Heritage
Exhibit 1--Location and Zoning Map
Exhibit 2--Surrounding apartments-condos map
Exhibit 3--Site Plan and Examples of Architecture
Exhibit 4--DDC Merritt Heritage Request and Resume
Exhibit 5--Self-scoring Breakdown for TDHCA
Exhibit 6--TDHCA Housing Tax Credit FAQ
Resolution--Merritt Heritage
Coversheet http://agendas.georgetown.org/CoverSheet.aspx?ItemID=12678&Meeting...
1 of 1 1/21/2016 10:39 AM
City Council Staff Report
Merritt Heritage Apartments Resolution of Support Page 1 of 3
Meeting Date: January 26, 2016
Staff: Jennifer C. Bills, AICP, LEED AP, Housing Coordinator
Report Date: January 9, 2016
Item Description
Consideration and possible action to approve a resolution of support for DDC Merritt
Heritage, Ltd. to apply for Housing Tax Credits for the construction of 220 units to
house seniors, to be known as the Merritt Heritage Apartments, located at 4700
Williams Drive.
Item Details
Project Name: Merritt Heritage Apartments
Project Address: 4700 Williams Drive (Exhibit 1)
Total Acreage: 13 acres
Legal Description: 13 acres of the Fish Survey
Applicant: Colby Denison
Property Owner: Andice Development Company
Existing Zoning: C‐1, Local Commercial and OF, Office
Tax Exempt: No
Applicant’s Request
DDC Merritt Heritage is requesting a resolution of support from the Georgetown City
Council to apply for the Housing Tax Credit (HTC) program through the Texas
Department of Housing and Community Affairs (TDHCA) to construct a new age‐
restricted apartment complex with 140 income‐restricted and 80 market rate units.
Financing
The applicant is seeking to secure financing of 9% Housing Tax Credits through
TDHCA. Projects seeking credits are scored using the criteria set by TDHCA in a
competitive process. This is a new construction project on a greenfield lot. This
application is competing in the same category as Live Oak Apartments and Kaia Pointe
Apartments. The applications are due to TDHCA by March 1, 2016.
City Council Staff Report
Merritt Heritage Apartments Resolution of Support Page 2 of 3
The City of Georgetown, when compared to other cities of similar size throughout
Texas, has two times the average number of tax credit units, comparatively. This is not
a market measure, but simply a statistical comparison. Due to the two times rule, any
new application within Georgetown is required to secure a Resolution of Support in
order to apply (see Exhibit 6 for program information).
Site Information
The site has never been developed and is vacant. The property will take access from the
existing Woodlake Drive, Williams Drive, and the proposed Cedar Lake Boulevard
extension. The property is currently zoned C‐1, Local Commercial and OF, Office,
which does not allow apartments by right. If the tax credit resolution is approved the
applicant will begin the rezoning process to request either a Planned Unit Development
or to move to MF‐2, High Density Multifamily.
The Future Land Use Designation is Mixed Use Neighborhood Center, which supports
multifamily as an allowable use with the appropriate mix of commercial.
Adjacent property conditions:
Zoning District Current Use
Northeast AG, Agriculture; C‐1, Local
Commercial
Retail, Office,
Undeveloped
Northwest C‐1, Local Commercial Undeveloped
Southwest/Southwest RS, Single‐Family
Residential
Single‐Family Residential
Southeast C‐1, Local Commercial,
OF, Office
Undeveloped
The applicant has proposed placing three to four acres of C‐1 zoning at the corner of
Woodlake and Williams Drive and placing the multifamily behind the commercial
development, which would meet the Future Land Use Plan requirements.
Proximity to other Apartments and Affordable Developments
Within a one‐mile radius, there are 1 existing multifamily development.
Development Address Units
Income
Restricted Program
Oaks of Wildwoods 30 Wildwood Drive 86 No
Affordability
City Council Staff Report
Merritt Heritage Apartments Resolution of Support Page 3 of 3
The specific mix of units and afforability levels are still being determined by the
applicant. The current breakdown:
36% (80) Market Rate
64% (140) Income‐Restricted.
Financial Impact
The development will pay all property taxes.
The applicant is requesting a nominal fee waiver to fulfill the TDHCA points
requirement of receiving a fee waiver, grant or loan from the local jurisdiction.
Attachments
Exhibit 1 – Location and Zoning Map
Exhibit 2—Surrounding Apartments/Condos
Exhibit 3—Site Plan and Examples of Architectural Details
Exhibit 4—DDC Merritt Heritage Request and Resume
Exhibit 5—Self‐scoring Breakdown for TDHCA
Exhibit 6 – TDHCA Housing Tax Credit FAQ
Submitted By
Jennifer C. Bills, AICP, LEED AP, Housing Coordinator
CITY OF GEORGETOWN
WILLIAMS DR
MORELAND DR
VERDE VISTA
SHEL
L RD
CEDAR LAKE BLVD
PENNY LN
TERI CT
PALO DURO CANYON TRL
SEDRO TRL
D B W
OOD R
D
WOODLAKE DR
HERITAGE OAKS BND
WILDWOOD DR
BIG SPRING ST
ACKER RD
HIDDENSPRINGS TRL
LAKESIDE RANCH RDRIVER WALK TRL
LEANNE DR
BIG
BEND TRL
WIND HOLLOW DR
ENCHANTED ROCK TRL
CLIFFWOOD DRLAKE RIM CIR
CAPROCK CANYON TRL
LOST MAPLES TRL
LIMESTONE LAKE DR
LAKE SPRING CIR
OLDE OAK DR
Zoning InformationMerritt Heritage Apartments
Exhibit #1
¯
Coordinate System: Texas State Plane/Central Zone/NAD 83/US Feet
Cartographic Data For General Planning Purposes Only 0 1,200 2,400Feet
LegendSiteParcelsCity LimitsGeorgetown ETJ
CITY OF GEORGETOWNCITY OF GEORGETOWN
CITY OF GEORGETOWN
CITY OF GEORGETOWN
CITY O
F GEO
RGET
OWN
W SEQUOIA SPUR
SCISSORTAIL TRL
BOWLINE DRTRAIL OF THE FLOWERS
SHEL
L RD
DURANGO TRL
BIRCH DR
PLUM CT
YELLOW ROSE TRL
SONORA TRCE
PENNY LN
VINCA DR
PINON CV
TERI CT
BOOTYS CROSSING RD
WOODSTOCK DR
LAVACA LN
VERDE VISTA
WILDWOOD DR
LANT A NA DR
RE D POPP Y TRL
BOQUILLA TRLLAKESI DE RANCHRD
ROSEDALE BLVD
PLOVER PASSLA
PALO
MA D R
NAMBOCA WAY
SYCAMORE ST
ROSEBUD LN
SEDRO TRL
COUN
TRY RD
BIGBEND TRL
DEW BERRY DR
SHELL RD
LEANNE DR
BELLAIRE DR
D BWO
ODRD
JIMHOGG PARK RD
RIVER WALK TRL
BLAZIN G STAR DR
CAPROCK CANY ON TRL
WOODLAKE DR
RAINLI LY LN
WESTBURY LN
RUSTLE CV
W ESPARADA DR
WESTBURY LN
MANZ
ANITA
DR
DB
WOOD
RD
WILLIAMS DRSU
TTON
PL
AGAVE LN
LAS PLUMAS DR
MADRONEDR
SABINE DR
CLOVE HITCH DR
BERRYWOOD LN
LIMESTONELA K E DR
MIRAMAR DR
WHIPPO
ORWILL
WAY
S LAKEWOODS DR
DEL WEBB BLVD
LA
KE OVERLOOK RD
ALLENCIR
CASA LOMA CIR
Surrounding Apartments/CondosMerritt Heritage Senior Apartments
Exhibit #2
¯
Coordinate System: Texas State Plane/Central Zone/NAD 83/US Feet
Cartographic Data For General Planning Purposes Only 0 2,700 5,400Feet
LegendSiteParcelsCity LimitsGeorgetown ETJ
Kaia Pointe
Oaks atWildwood
Live Oak
W
WW
WW
WW
ST
C7
C8
C9C10
C11
C12
L1
L2L3
L4
L5
ASPHA
CULVERT
CULVERT
CULVERT
CULVERT
CULVERT
WATER TANK
SLAB
(N69°4
8'42"W
155.
04')
(N35°47'43"W 796.11')
(N42°09'34"E 335.50')
(N37°15'15"E 14.14')
(N10°454'31"W 58.58')
(S44°05'00"E 370.83')
N 68°29'43" E 252.74'
N 68°29'43" E 252.74'
PUBLIC RIGHT-OF-WAY
PUBLIC RIGHT-OF-WAY
PRIVATE RIGHT-OF-WAY
ANDICE DEVELOPEMENT CO.
REMAINDER OF CALLED 118.34 ACRES.
DOCUMENT NUMBER 9636558
O.P.R.W.C.34.158
ACRES
(ROAD TRACT
1.243 ACRES)
(SOUTH TRACT
16.742 ACRES)P
ROPOSED CEDAR LAKE
BOULEVARD
TRAFFIC LIGHT
FENCE 3.2' NORTHEAST OF THE SOUTHWEST PROPERTY LINE
WARNING
UNDERGROUND
GAS SIGN
CITY OF GEORGE
25' WIDE PUBLIC UTILITY
DOCUMENT NUMBER 2009
DOCUMENT NUMBER 200906
O.P.R.W.C.
C1
C2
C3
WOODLAKE
DRIVE
WILLIAMS DRIVE (F.M.2338)
FINAL PLAT
KE PHASE 3
BER 2003070897
WC.
BLOCK 'C'2928
27261 22
2324 25
L PLAT
PHASE 4
2004055418
N 35°49'41" W 795.85'N 69°
48'42"
W 155
.04'
N 11°07'39" W 58.81'
N 52°33'15" W 96.84'
N 37°15'15" E 14.14'
N 42°09'34" E 335.50'
S 44°05'00" E 370.83'
WILLIAMS DRIVE (F.M.2338)WILLIAMS DRIVE (F.M.2338)
60'
13.24 acresPROPOSED SITE
APPROXIMATE CENTERLINE WILLIAMS DRIVE
300' - 0"
220' - 0 "
300' - 0"
220'
- 0"
90.00
°90.00°
SPARSE TREES AND SHRUBBERY THROUGHOUT THIS AREA
DENSE TREES,UNKNOWN QUALITY
NICETREE
NICETREE
NICETREE
GAR
AGE
GAR
AGE
GAR
AGE
GAR
AGE
FDC
B3
B3
A3
B3
LEASING/CLUB
STAIRS
ELEV
GAR
AGE
GAR
AGE
GAR
AGE
GAR
AGE
FDC
B3
B3
A3
B3
GAR
AGE
GAR
AGE
GAR
AGE
GAR
AGE
FDC
B3
B3
A3
B3
GAR
AGE
GAR
AGE
GAR
AGE
GAR
AGE
FDC
B3
B3A3
B3
GAR
AGE
GAR
AGE
GAR
AGE
GAR
AGE
FDC
B3
B3
A3
B3
ELEVSTAIRSTRASH
B1A1
B1a
STAIRS LDRY
TRASH
B1A1
B1a
B1A1
B1a
B1A1
B1aAE1AE1AE1 B1
B1B1
B1
B1
B1
B2B2
GARAG
EG
ARAGE
GARAG
EG
ARAGE
FDC
B3
B3
A3 B3
STAIRS
GAR
GAR
GAR
HC
-GAR
GAR
GAR
A1
A1
A1aA1aA1aB1a
B1aB1a
A2
A2 A2
A2A2 A2
ELEVSTAIRS
TRASH
B1A1
B1a
B2
B2
B2 B2
B2
B1A1
B1a
B2 B2
B2
B1A1
B1a
B2
AE1AE1AE1
STAIRS
GAR
GAR
GAR
HC
-GAR
GAR
GAR
A1
A1
A1aA1aA1aB1a
B1aB1a
A2
A2 A2
A2A2 A2
STAIRS
GAR
GAR
GAR
HC
-GAR
GAR
GAR
A1
A1
A1aA1aA1aB1a
B1aB1a
A2
A2 A2
A2A2 A2
STAIRS
LDR
Y
TRASH
B1
A1
B1aB1
A1
B1aB1
A1
B1a
AE1AE1AE1
B1B1B1
B1B1
B1
B2B2
B2
B2
B2 B2
B2
B1A1
B1a
B2 B2
B2
B1A1
B1a
B2
AE1AE1AE1
STAIRS
GAR
GAR
GAR
HC
-GAR
GAR
GAR
B1B1
A1 A1
A1a
A1a
A1a
B1a
B1a
B1a
A2 A2
A2 A2A2
A2
STAI
RS
LDR
Y
TRAS
H
B1
A1
B1a B1
A1
B1a B1
A1
B1a
AE1
AE1
AE1
B1
B1B1B1
B1B1
B2B2
ELEVSTAIRS
TRASH
B1A1
B1a
B2
B2
B2 B2
B2
B1A1
B1a
B2 B2
B2
B1A1
B1a
B2
AE1AE1AE1
18 SPACES 18 SPACES 20 SPACES 36 SPACES29 SPACES
28 SPACES
4 SPACES
32 SPACES 5 SPACES
36 SPACES
6 SPACES 6 SPACES
6 SPACES
6 SPACES
6 SPACES
DETENTION POND
235 APARTMENT UNITS256 SURFACE + 48 GARAGE PARKING SPACES(247 PARKING SPACES REQUIRED)
APPROX. IMPERVIOUS COVER:BUILDINGS: 100,000 S.F.DRIVE/PARKING: 125,000 S.F.SIDEWALKS T.B.D.: 20,000 S.F.MISC. T.B.D.: 20,000 S.F.TOTAL: 265,000 S.F. (6 ACRES)
REVISIONS
ISSUED FOR PERMIT
ISSUED FOR BID
ISSUED FOR CONSTRUCTION
DWG NAME
DATE
DESCRIPTION
SHEET
Not for regulatory approval,permitting, or construction.
Registrant's Name:Andrea Freiburger
Registrant's Number:19520
Progress Print
DRAWN BY:
CHECKED BY:
PROJECT #:
T.B.D.
T.B.D.
T.B.D.
© 2015 Spring Architects, Inc.
1904 W. 35TH STREETAUSTIN, TX 78703
1/7/
2016
12:
14:3
1 AM
SD001
PROPOSEDSITE
AF
SAI
155-1215
DENISONDEVELOPMENT
&CONSTRUCTION
MERR
ITT H
ERITA
GE
01/07/16
PLAN
NOR
TH
Scale: 1" = 40'-0"1 PROPOSED SITE
DDC Merritt Heritage, Ltd.
1904 W. 35th Street Austin, TX 78703 512/732-1226 [email protected]
MERRITT COMMUNITIES
DDC Merritt Heritage, Ltd.
1904 W. 35th Street Austin, TX 78703 512/732-1226 [email protected]
Request for City of Georgetown
support For
2016 Low Income Housing Tax Credits
Merritt Heritage
Low-Income Housing Tax Credit/HOME
Resolution of Support Request
Application Form
All applications must be submitted with a complete Application Form, a completed application checklist, and all materials listed in the appropriate checklist. The Housing Coordinator is available to advise you on any requirements. Please call 512-930-8477 for an appointment to submit your application. Applications may be submitted at any time. Based on the submission date, the application will be tentatively scheduled for the next available Housing Advisory Board meeting, which normally occurs on the third Wednesday of each month.
Project Name:
Property Information
Property Address:
Legal Description:
Zoning District:
Requesting support for:
LIHTC _____ HOME Partnership Program _____
Applicant Information (property owner or authorized agent) Applicant will be used as the City’s Official Contact
Name:
Address:
City/State/Zip:
Work Phone: Cell Phone:
Email:
Do you have site control or owner’s consent to apply for LIHTC/HOME funding on this site?
Yes__No____
Property Owner Information Owner Name(s):
Address:
City/State/Zip:
Work Phone: Cell Phone:
Email:
Applicants Signature:
Printed Name: Date:
By signing this form, the owner of the property authorizes the City of Georgetown to begin proceeding in accordance with the process for this request. The owner further acknowledges that submission of an application does not in any way obligate the City to approve the application and that although City staff may make certain recommendations regarding this application, the decision making authority may not follow that recommendation and may make a final decision that does not conform to the staff’s recommendation.
Low-Income Housing Tax Credit/HOME Partnership 1
Resolution of Support Request Checklist
Low-Income Housing Tax Credit/HOME
Resolution of Support
Request Checklist
This Checklist is intended to provide the information and data that is necessary to assess the merits of the project proposal.
Incomplete applications cannot be accepted for review. If all the information noted in the “Items Required for Submittal” section of this checklist is not provided; the application may not be accepted for processing.
Items Required for Submittal
Application Form □ Checklist □ Proposed Resolution with language for applicable owners and programs
□
Letter of Intent, with Detailed Information listed below: □
Detailed Information
Location Map of the property. □ Site Development:
List the number of units and different floor plans. □List the breakdown of rental rates by unit and income restrictions. □ Will rental rates change over time and how are they determined? □ Architectural rendering of buildings. □ Proposed site layout. □ How many accessible units are included. □ What ADA features are included. □ If the development includes market rate units, do these units differ from the income restricted units in anyway? □
List the amenities included in individual units as well as those for the entire site. □
Describe energy efficiency components that will be installed. □ Background of the development company and management company:
□
Have there been any changes in company names or re-organizations? □
History of similar projects and complexes managed. □ How many tax credit and/or HOME projects have you developed and managed?
□
Not available
Low-Income Housing Tax Credit/HOME Partnership 2
Resolution of Support Request Checklist
Financial: List the funding sources to be used. □ List any past or current funding programs (state or federal) for which the property is under contract (USDA, Section 8, etc.) □
Provide the anticipated breakdown of the development costs. □ Will the site be tax exempt after development? □ What is the affordability period requirement for this project? □ Provide an analysis of the economic impact to the City (tax increase, utility consumption, sales tax base). □
Will this development require extensive capital improvements? □ Please provide an analysis on how your project will impact the school district and provide any feedback received from school district.
□
Provide the TDHCA scoring criteria that you anticipate meeting. □ Please list any additional information or letters that you will be requesting from the City or Georgetown Utility Systems for the TDHCA application requirements.
□
DDC Merritt Heritage, Ltd.
1904 W. 35th Street Austin, TX 78703 512/732-1226 [email protected]
Letter of Intent
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
1/4/2016 City of Georgetown 300-1 Industrial AceGeorgetown, TX 78626
Dear City of Georgetown Planning Official,
Please be advised that DDC Merritt Heritage, Ltd (to be formed) intends to develop Merritt Heritage (development) a 220 unit Senior apartment complex on approximately 13 Acres out of Joseph Fish Survey/Abstract 232 on SE Corner of Williams Dr. and Woodlake, Georgetown, Texas. This development will be funded by the Texas Department of Housing and Community Affairs through competitive 9% tax credits and Multifamily HOME Funds.
Please find detailed information attached herein.
Sincerely,
DDC Merritt Heritage, LtdColby Denison, Authorized Representative
DDC Merritt Heritage, Ltd.
1904 W. 35th Street Austin, TX 78703 512/732-1226 [email protected]
Location Map of the Property: Attached under this tab
W
WW
WW
WW
ST
C7
C8
C9C10
C11
C12
L1
L2L3
L4
L5
6.51'
ASPHALT
CULVERT
CULVERT
CULVERT
CULVERT
CULVERT
CULVERT
WATER WELL
WATER TANK
SLAB
STORM SEWER INLET
(N69°4
8'42"W
155.
04')
(N35°47'43"W 796.11')
(N
(N42°09'34"E 335.50')
(N37°15'15"E 14.14')
(N52°44'45"W 97.25')
(N10°454'31"W 58.58')
(S44°05'00"E 370.83')
N 68°29'43" E 252.74'
N 68°29'43" E 252.74'
PUBLIC RIGHT-OF-WAY
PUBLIC RIGHT-OF-WAY
HT-OF-WAY
PRIVATE RIGHT-OF-WAY
ANDICE DEVELOPEMENT CO.
REMAINDER OF CALLED 118.34 ACRES.
DOCUMENT NUMBER 9636558
O.P.R.W.C.34.158
ACRES
(NORTH TRACT
16.173 ACRES)
(ROAD TRACT
1.243 ACRES)
(SOUTH TRACT
16.742 ACRES)P
ROPOSED CEDAR LAKE
BOULEVARD
TRAFFIC LIGHT
FENCE 3.2' NORTHEAST OF THE SOUTHWEST PROPERTY LINE
WARNING
UNDERGROUND
GAS SIGN
CITY OF GEORGETOWN
25' WIDE PUBLIC UTILITY EASEMENT
DOCUMENT NUMBER 2009021840
DOCUMENT NUMBER 2009061034
O.P.R.W.C.
C1
C2
C3 C4
WOODLAKE
DRIVE
WILLIAMS DRIVE (F.M.2338)
R LAKE
VD.
FINAL PLAT
WOODLAKE PHASE 3
DOCUMENT NUMBER 2003070897
O.P.R.W.C.
2
3
BLOCK
BLOCK 'C'
CK 'C'
1
31302928
27261
221
22
2324 25
WOODSTOCKDRIVE
32 FINAL PLAT
WOODLAKE PHASE 4
DOCUMENT NUMBER 2004055418
O.P.R.W.C.
N 1
N 35°49'41" W 795.85'N 69°
48'42" W
155.0
4'
N 11°07'39" W 58.81'
N 52°33'15" W 96.84'
N 37°15'15" E 14.14'
N 42°09'34" E 335.50'
S 44°05'00" E 370.83'
WILLIAMS DRIVE (F.M.2338)WILLIAMS DRIVE (F.M.2338)
60'
13.24 acresPROPOSED SITE
APPROXIMATE CENTERLINE WILLIAMS DRIVE
300' - 0"
220' - 0 "
300' - 0"
220'
- 0"
90.00
°90.00°
REVISIONS
ISSUED FOR PERMIT
ISSUED FOR BID
ISSUED FOR CONSTRUCTION
DWG NAME
DATE
DESCRIPTION
SHEET
Not for regulatory approval,permitting, or construction.
Registrant's Name:Andrea Freiburger
Registrant's Number:19520
Progress Print
DRAWN BY:
CHECKED BY:
PROJECT #:
T.B.D.
T.B.D.
T.B.D.
© 2015 Spring Architects, Inc.
1904 W. 35TH STREETAUSTIN, TX 78703
1/5/
2016
4:1
0:06
PM
SD001
PROPOSEDSITE
AF
SAI
155-1215
DENISONDEVELOPMENT
&CONSTRUCTION
MERR
ITT H
ERITA
GE
01/05/16
PLAN
NOR
TH
Scale: 1" = 60'-0"1 PROPOSED SITE
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
Site Development:
1. List the number of units and different floor plans – 220 units (Tax Credit - 140, Market Rate – 80). Floor plans are not yet
available.
2. List the breakdown of rental rates by unit and income restrictions – This information is not yet available.
3. Will rental rates change over time and how are they determined – The rental rates are determined by The Texas Department of Housing and
Community Affairs. Market rate units have no restrictions and are determined by the market.
4. Architectural rendering of buildings – This information is not yet available.
5. Proposed site layout – This information is not yet available.
6. How many accessible units are included? 5% will be mobility impaired units and 2% will be hearing and visually
impaired.
7. What ADA features are included?- Handicap parking spaces, common area restrooms, common areas
passageways, common use kitchens, common use laundry facilities will all be Accessible.
8. If the development includes market rate units, do these units differ from the income restricted units in anyway? No
9. List the amenities included in individual units as well as those for the entire site. –A. Unit Amenities ay include:
Covered Entries
Nine foot ceilings in living room and all bedrooms
Microwave ovens
Self‐cleaning or continuous cleaning ovens
Refrigerator with ice maker
Storage Room or closet (9sf or larger)
30 year shingle roof
Covered patios/balconies
Greater than 30% stucco/masonry
R‐15 Walls/R‐30 Ceilings rating of wall/ceiling system
14 SEER HVAC
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
All Units wired with RG‐6/U COAX or better and CAT3 phone or
better
Laundry connections
Blinds or window coverings for all windows
Screens on all operable windows
Disposal and Energy‐Star rated dishwasher
Energy‐Star rated refrigerator
Oven/Range
Exhaust/vent fans vented to the outside in bathrooms
At least one Energy‐Star rated ceiling fan per Unit
Energy‐Star rated lighting in all Units (including CFL or LED bulbs)
Low flow/high efficiency plumbing fixtures
Central heating and A/C
B. Common Amenities may include
Full perimeter fencing with gate
Community laundry room
Barbecue grills and picnic tables
Swimming Pool
Furnished fitness center
Equipped and functioning business center with computers, printers
and a scanner
Furnished Community Room
Library
Enclosed community sun porch or patio
Community Theatre Room
Enclosed Dog Park
Common Area Wi‐Fi
10. Describe energy efficiency components that will be installed – These May include: Energy star rated dishwasher, energy star rated refrigerator, at least one energy star rated ceiling fan per unit, energy star rated lighting in all units, low/high efficiency plumbing fixtures in all units.
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
Background of the Development Company and Management Company:
1. Have there been any changes in company names or re- organizations? No
2. History of similar projects and complexes managed – 8
3. How many tax credit and/or HOME projects have you developed and managed? -
A. Developed:
DDC Investments, Ltd. (Colby Denison) has successfully developed multifamily apartment projects with 9% LIHTC awards since 2004 in the greater Austin MSA and surrounding areas.
* 2004 (04047) -Stratton Oaks, a 100-unit community for families in Seguin* 2005 (05195) - San Gabriel Senior Village, a 100 unit community for seniors inGeorgetown* 2007 (07249) - Bluffs Landing Senior Village, a 144 unit community for seniors in RoundRock* 2008 (08253) - Creekside Villas Senior Village, a 144 unit community for seniors in Buda* 2009 (09138) – Leander Station Senior Village, a 192 unit community for seniors in Leander* 2010 (10040) – Merritt Lakeside Senior Village, a 176 unit community for seniors in Schertz* 2012 (12345) – Merritt Legacy, a 208 unit community for families in Leander* 2015 (15273) – Merritt Hill Country, a 80 unit community for seniors in Dripping Springs,construction to commence in Spring/Summer 2016* 2015 (15234) – Merritt Leisure, a 140 unit community for seniors in Midland, constructionto commence in Spring/Summer 2016
Total units: 1,284
These properties exemplify our commitment to quality of design and construction and will offer low income citizens high quality safe housing. We believe that our team makes the difference. Combining complementary skills and aptitudes maximizes production efficiency. And finally, our mission would not be possible without our commitment to excellence, passion for building, and our desire to provide a beautiful living environment to those of limited economic means.
Colby Denison, owner of DDC Investments, Ltd., originally started out in the construction industry as a custom home builder after a successful career as a member of the oil services & equipment equity research team at Credit Suisse First Boston (CSFB). He has extensive experience developing custom homes, affordable single-family homes, modular homes and multifamily communities. Mr. Denison’s extensive knowledge of construction and development, combined with his background in corporate finance, is the backbone of his success. Mr. Denison holds a BBA from the Business Honors Program at the University of Texas.
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
B. Managed:
Veritee Property Solutions is a designated Property Management Entity that has documented track record of success managing income-restricted properties of similar size and/or similar unit counts and has the capacity to take on management of the proposed project.
The following pages contain the findings of file audits and physical site inspections conducted by the Texas Department of Housing and Community of Affairs on the affordable communities managed by Veritee Property Solutions. This evidence is provided to establish Veritee’s experience and track record in successfully managing income‐restricted properties of similar size and/or unit counts as the proposed Merritt Cornerstone. When Veritee Property Solutions was founded on June 1, 2014, the on‐site property personnel and executive team did not change. The employees all transferred from the previous management company EPMI, a Bayside company, where key personnel were employed since 2010. The resumes of key personnel are provided.
1. Stratton Oaks File Audit on December 20, 20122. Stratton Oaks Uniform Physical Condition Standards (UPCS) on March 18, 20133. San Gabriel File Audit on May 11, 20114. San Gabriel File Audit on April 17, 20145. San Gabriel UPCS Inspection on October 25, 20116. San Gabriel UPCS Inspection on August 29, 20147. Bluffs Landing File Audit on April 25, 20128. Bluffs Landing File Audit on April 15, 20139. Bluffs Landing File Audit on April 17, 201410. Bluffs Landing UPCS Inspection on May 23, 201411. Creekside Villas File Audit on May 11, 201212. Creekside Villas File Audit on April 26, 201313. Creekside Villas UPCS Inspection on June 28, 201214. Creekside Villas UPCS Inspection on May 28, 201415. Leander Station File Audit on January 18, 201316. Leander Station File Audit on January 31, 201417. Leander Station UPCS Inspection on October 29, 201418. Merritt Lakeside File Audit on August 19, 201319. Merritt Lakeside File Audit on August 13, 201420. Merritt Lakeside UPCS Inspection on September 28, 201221. Vice President Resume
22. Compliance Manager Resume
23. Facilities Manager Resume
24. Community Manager Resume
25. Senior Accountant Resume
DDC Merritt Heritage, Ltd.
1904 W. 35th Street Austin, TX 78703 512/732-1226 [email protected]
Veritee Property Solutions Team Resumes
JACKIE WEISSMILLER 306 Saddletree Lane Austin, Texas 78620 925-788-1930 [email protected]
Employment Veritee Property Solutions – Austin, TX 2014 - CurrentVice President
Oversee operations and compliance for seven low income housing tax credit communitiesin central Texas.
Budget forecasting, preparation, and review. Provide monthly operating reports measuring occupancy, NOI, capital expenditures, and
overall financial performance in collaboration with the owner. Supervise a portfolio of seven property managers, maintenance staff, and properties in
day-to-day and strategic operations. Oversee lease-ups, brand marketing efforts, and achieve targeted occupancy levels on
schedule. Update operating procedures for all functional roles from Housekeeper to Community
Manager. Develop and propose company capital expenditure planning priorities and ongoing
maintenance programs in partnership with the Facilities Department. Prepare staff and facilities to meet requirements of TDHCA and investor inspection
standards. Visually inspect grounds, buildings, and apartment units on a regular basis to ensure that
all physical aspects of the property are fully functional, safe, and attractive.
EPMI, A Bayside Company (formerly know as A. F. Evans Company, Inc). – Oakland, CA
2003 - 2014
Regional Vice President/Portfolio Manager
Supervise daily operations of properties located in South/East/North Bay and Sacramento,CA areas till 2009 (conventional, tax credit - garden, mid-rise and mixed use sites). In Jan2010 began to oversee Senior/Multi Family, tax credit communities in Greater Austinarea, TX (7 communities).
Prepare annual budgets and reforecast projections. Negotiate and secure commercial leases. Allocate CAM charges Conduct regular property site inspections and audits. Maintain professional levels of communication with both on site and owner/investor
relationships. Implement successful marketing plans to increase occupancies above that of competitors. Maintain a high level of employee retention through positive communication and
constant motivation. Ensure compliance of LIHTC programs. Maintained excellent relationships with TCAC
and TDHCA.
Equity Residential Properties – Seattle, WA 1998 - 2003General Manager/Area Manager
May 2002 to March 2003 as District Manager, supervise daily operations of 6 propertieswith a total of 1350 conventional units. (Fremont, Hayward and San Jose area)
October 2001 to May 2002 was trainer/mentor/trouble-shooter for San Francisco and BayArea portfolio of 6441 units.
Working as acting Regional Manager (Portland, OR) from January 2001 to June 2001overseeing 2100 units in addition to managing local portfolio.
September 1998 to October 2001 as General Manager of 3 properties (922 units) in Kent,WA.
EPT Management Company – El Paso, TX 1993 - 1998Regional Manager
Supervised up to 4492 units (18 properties) in six states. Prepared annual budgets and quarterly reforecast projections. Created innovative marketing campaigns. Instructing leasing, marketing and customer service seminars. Conducted regular property site inspections and audits. Instrumental in developing company policies and procedures. Negotiated vital company contracts. Exceeded portfolio budgeted NOI by aggressively raising rent and ancillary income and
reducing maintenance and make ready expenses. Continued a high level of employee retention through positive communication and
constant motivation. Maintained professional levels of communication with both on site and owner
relationships. Directed and supervised due diligence and takeover teams on new property acquisitions.
Capstone Real Estate Services – Austin, TX 1983 - 1993Leasing Consultant- Assistant Manager - Property Manager - District Manager
Supervised daily operations of 1170 units between 1989 and 1993. Property assignments included five successful lease ups of new properties between 1984
and 1991.
Professional Memberships
Certified Apartment Manager (CAM- Lapsed). Licensed Real Estate Agent (State of Texas – Inactive). Over 30 Years’ Experience in Property Management. Annual TDHCA training for LIHTC, HOME and UPCS. Multiple Fair Housing Certificates with Grace Hill, CAA and TAA. Leadership Award (1999 and 2000). HCCP Designated (2005). IMAGINE Award (2009 and 2011). El Paso Apartment Association Committee Member (1991 to 1993). El Paso Apartment Association Board of Directors (1992 and 1993).
Profile Leadership skills with the ability to learn quickly and train others effectively. Excellent organizational, decision making and creativity skills. Diligent... Resourceful... Stable... Dedicated and Committed to Excellence!
Amy M. Lucas HCCP, COS, [email protected] 3100 Meadow Lane * Taylor, TX 76574 512‐412‐0471
Objectives Successfully utilize my knowledge and drive to reach the goals of the company while maintaining my
professional ethics.
Experience Veritee Property Solutions | Leander Station Sr. Village Senior Community & Compliance Manager June 1, 2014 – Current
~ Maintained an occupancy level of 97.5 or higher since stabilization while exceeding NOI quarterly.
~ Obtained HCCP (Housing Credit Certified Professional) designation.
~ Successfully overseen TDHCA file audits all resulting in 0 findings.
~ Review all move/in files to ensure compliance with IRS codes for all (7) communities in our portfolio.
~ Train/mentor staff on policy as well as LIHTC procedures.
EPMI, A Bayside Company | Leander Station Sr. Village/Creekside Villas Senior Village Senior Community Manager November 2010 – Current
~ Have successfully completed (2) lease ups ‐ Creekside Villas Buda, TX 144 units, 55 plus affordable housing;
Leander Station Senior Village Leander, TX 192 units, 55 plus mixed rate housing.
~ Maintained an occupancy level of 97.5 or higher since stabilization while exceeding NOI quarterly.
~ Promoted from Property Manager to Senior Manager in October 2011. Have had two Assistant Managers
promoted to Community Manager, a Leasing agent promoted to Assistant Manager as well as a Porter
promoted to Lead Maintenance positions while I have been supervisor.
~ Successfully overseen (13) TDHCA file audits – 0 findings on all audits.
~ Review all move/in files to ensure compliance with IRS codes for all (7) communities in our portfolio.
~ Train/mentor staff on policy as well as LIHTC procedures.
Capstone Real Estate Services | Cambridge Villas Community Manager November 2009 ‐ November 2010
~ Stabilized property within 2 months to complete the permanent loan conversion
~ Overcame 28 vacant units to become 99.56% occupied in 60 days
~ Mentor for Community Managers new to position or to Tax Credit
~ Assist sister properties with audits, compliance and daily operations.
United Apartment Group | Cypress Creek at River Bend Community Manager March 2008 ‐ October 2009
~ Promoted from Assistant Manager at Mariposa to Community Manager of Cypress Creek at River Bend
with 4 months of being with UAG.
~ Completed the 100% tagging of all 180 units 1 month before end of the specified time frame.
~ Reduced expenses by $31,000 within first 3 months of operation.
~ Stabilized property at 94% meeting budget and completing DCR.
Amy M. Lucas HCCP, COS, NCP‐E
United Apartment Group | Mariposa at River Bend Assistant Manager November 2007 ‐ March 2008
~ Executed new accounting software; Obtained 4 of 4 perfect Month End closeouts.
~ Nominated and became a Mentor for employees in need of training for UAG.
~ Assisted in the formation of new documents and procedures for Tax Credit Income and Asset Verification.
~ Maintained $0 delinquency monthly over tenure
Capstone Property Management |Mariposa at River Bend LIHTC Compliance/Leasing; Assistant Manager October 2005 ‐ November 2007
~ Initial lease up on 55 and above Active Adult community totaling 201 units
~ Collect rent, coordinate move‐ins, and execute leases
~ Received promotion to Assistant Manager through diligent work.
~ Maintain zero delinquent rent payments and increase owner revenue.
~ Collect rent, coordinate move‐ins and execute leases
~ Evaluate and review applications for full compliance within the LIHTC program.
~ Conduct on site audits of communities in Capstone’s LIHTC portfolio
~ Evaluate and review applications for full compliance within the LIHTC program
Skills ~ Multitasking; project management
~ Able to successfully meet deadlines
~ Obtain designations imperative to LIHTC program: Certified Occupational Specialist, National
Compliance Specialist, Site Compliance Specialist, Section 504 Certified and achieved Elizabeth Moreland’s
Compliance Diploma Program.
Education Stratford College 2001 Paralegal Studies
Completed 2 year program in 1 year
Completed program with Honors
University at Buffalo 2000 Sociology
Majored in Social Gerontology with minor in Health and Business Administration
Completed Health Care Administration Certification while obtaining BA.
Darren R Lewis 9 Valley Trl Round Rock, TX 78664 512-573-7348 [email protected]
Facilities Management
Maintenance | Operations | Environmental | Health
Energetic and quality focused Facilities Manager, expert in management of multiple site locations. Diverse experience and expertise in:
Building Management Safety Compliance Preventative Maintenance Project planning
Training and development Procedure Development Vendor control and contracts Budget development
New Construction turn over Lease up TDHCA physical inspections LURA requirements
Operational/Trade Expertise
Insulation & drywall work Painting & finishing Plumbing Electrical
Heat and Air (EPA Cert) Structural framing Finish/trim carpentry Cabinets & appliances
Pools (cpo)
Computers and networks Security systems Phone and data
Work Experience
Veritee Property Solutions- Regional Facilities Director- Bluffs Landing Senior Village | San Gabriel Senior Village | Stratton Oaks Apt. Homes | Creekside Senior Village | Leander Station | Merritt Lakeside | Merritt Legacy,
EPMI- Texas Area- Regional Maintenance Manager- Bluffs Landing Senior Village | San Gabriel Senior Village | Stratton Oaks Apt. Homes | Creekside Senior Village, (New construction turn over and lease up) | Leander Station, (New construction turn over and lease up) | Merritt Lakeside , (New construction turn over and lease up) | Merritt Legacy, (New construction turn over and lease up)
EPMI-Round Rock, TX- Bluffs Landing-Maintenance (I was hired, as the owner changed management companies from UAH. During the conversion brief times were held with UAH, Capstone and finally the EPMI.)
RELATED MANAGEMENT – Austin, TX- Maintenance- Mountain Ranch Apts. 12/08 to 04/10
SOUTHERN CALIFORNIA CUSTOM– Ramona, CA- Owner/ General Contractor 07/95 to 11/08
Education/Licenses
THE NATIONAL APARTMENT ASSOCIATION EDUCATIONAL INSTITUTE CAMT, 2012
THE HOUSING CREDIT COLLEGE OF ELIZABETH MORELAND. Site Compliance Specialist 04/10/2011
NATIONAL SWIMMING POOL FOUNDATION CPO registration no. 78-279798, 06/2010
ESCO INSTITUTE PROGRAM EPA, AUSTIN, TX Universal A/C Certified #52719825298, 06/2009
GOLDEN STATE CONTRACTORS SCHOOL, SAN MARCOS, CA General Contractors License #709880, 1995
RAMONA HIGH SCHOOL, RAMONA, CA Diploma
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Taryn Fujimura 926 Kilkenny Way Pinole, CA 94564
[email protected] 415/518-3111 (C)
WORK EXPERIENCE
VERITEE PROPERTY SOLUTIONS, LLC, AUSTIN, TX 3/14 to Present $91.9M in assets, $8.4M in revenue, 1,064 units SENIOR ACCOUNTANT Perform month end close process for 9 legal entities. Prepare monthly and quarterly financial packages for owner & investors. Set up the OneSite Accounting and OneSite Leasing & Rents software for all legal entities Enter invoices for 2 legal entities Cut checks 2 times a week Monitor the cash for 9 legal entities daily Monitor and track vendor insurance certificates Process 1099/1096 annually Assist with replacement reserve requests annually Supervise, train, and guide 1 accounts payable specialist Create and improve policies and procedures for the accounting department Assist with annual budgets for 9 entities and upload into OneSite Accounting Communicate with outside auditors for preparation of the annual audited financial statements Assist with bi-weekly payroll processing (transfer of funds, posting into financials) Assist in enrolling new employees into our benefits program Assist other departments as needed
ABHOW, PLEASANTON, CA 10/12 to 2/14 $520.3M in assets, $11.4M in revenue (Affordable Housing Dept), 2,423 units SENIOR ACCOUNTING ANALYST Perform month end close process for 8 properties (affordable housing, multi-family, tax credit, public housing, development). Prepare monthly and quarterly financial packages for board members. Convert the accounting system from Great Plains to OneSite Accounting for 15 communities Enhance existing procedures, accounting processes, and financial reporting systems Provide training for team members on software, financials, accounting processes, etc. Provide variance explanations for monthly financials Assist with annual budgets for 13 properties and upload 32 budgets into Great Plains/OneSite Accounting Communicate with outside auditors for preparation of the annual audited financial statements Periodically attend board meetings Serve as a backup for team members during department absences
EPMI, A BAYSIDE COMPANY (formerly A.F. EVANS COMPANY, INC.), OAKLAND, CA 12/08 to 10/12 $186.9M in assets, $319.3M in managed properties, 7,713 units PORTFOLIO ACCOUNTANT Performed month end close process for 19 multi-family properties. Prepared monthly and quarterly financial packages for owners and investors. Managed the cash daily for 19 legal entities through an online banking system Reviewed variance explanations for accounting accuracy and reasonableness prepared by upper management Cash flow forecast for 6 legal entities Assisted with annual budgets for 19 legal entities Communicated with outside auditors for preparation of the annual audited financial statements Approved check runs twice a week Performed book transfers/monthly recurring wire transfers through an online banking system Served as a backup for team members during department absences
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EMG PROPERTIES, INC., OAKLAND, CA (DISSOLVED) 8/05 to 11/08 CONSTRUCTION ACCOUNTING SUPERVISOR (7/06 – 11/08) SENIOR ACCOUNTANT (8/05 – 7/06) Supervised, trained, and guided 1 staff accountant. Responsible for all the accounting of 12 properties, which included 1 17-acre project under construction and 1 60-acre project in the entitlement phase. Prepared monthly financials for 2 projects to outside lenders. Audited general contractor’s payment applications on a monthly basis. Traveled monthly to construction sites and monitored their progress. Prepared and sent 2 loan draws to outside lenders monthly Assembled tax work papers for 12 properties Monitored annual/project budgets Cash flow analysis for 1 property weekly Approved invoices for 12 properties weekly Approved check runs for 2 properties weekly Provided analysis for property managers when needed
ACTUS LEND LEASE LLC, NAPA, CA 12/03 to 8/05 $98.7M in development, 5,912 homes FINANCIAL ANALYST & TREASURY ANALYST (2/04 – 8/05) Prepared monthly cash flow package for senior management and parent company. Package consisted of detailed analysis for 18 projects, variance analysis, and reforecasting. Performed daily banking activities and monitored the company's cash. Processed approx 20 outgoing wires (domestic & int'l) & 4 book transfers monthly Cash flow analysis and forecast Monitored positive pays daily Performed a thorough credit check on new vendors Maintained and monitored Dunn and Bradstreet transactions against our contract Printed approx 300 A/P checks and approx 500 payroll checks weekly Weekly payroll audit for approx 500 employees Assisted auditors when needed
PROJECT ACCOUNTANT (12/03 – 2/04) Reviewed and processed approximately 100 payment applications on a monthly basis for 7 projects. Review process consisted of checking for payment accuracy, correct waivers, and validate certified payroll and insurance. Entered payment applications in the accounting system for payment and prepared for check run. Assisted accounts payable department when needed
JONES LANG LASALLE, SAN FRANCISCO, CA 9/02 to 12/03 $813M in assets, 735M square feet ACCOUNTANT Performed monthly financial review package for the client’s 3.5M square foot (7 properties) Critical Facilities portfolio, which included financial reporting, variance analysis, and reforecasting. Prepared high-level analysis to senior management and detailed reporting and analysis to client finance and facility managers. Tracked potential risks and opportunities within the budget. Assisted and prepared budgets for the Critical Facilities portfolio. Prepared budgets for 7 properties Cash flow forecast Bank reconciliations when needed
EDUCATION 12/00 University of California, Riverside, Riverside, CA
Degree: Bachelors of Science in Business Administration, emphasis in Accounting 11/11 Income Tax Training School of H&R Block, 45 Federal CTEC hours and 15 State CTEC hours
SKILLS Microsoft Office (Outlook, Excel, Word, Power Point), OneSite Accounting, OneSite Leasing & Rents, Great Plains, SAP, FRX, CTI Real Estate System, JD Edwards, Yardi Enterprises, MRI.
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
Financial:
1. List the funding sources to be used – Tax Credit Syndication, HOME funds, First Lien Mortgage, and Local Political Funding.
2. List any past or current funding programs (state or federal) for which he property is under contract (USDA, Section 8, etc.) – NONE
3. Provide the anticipated breakdown of the development costs. This information is not available at this time.
4. Will the site be tax exempt after development? This project will qualify for a 50% ad valorum tax exemption.
5. What is the affordability period requirement for this project? 35 years
6. Provide an analysis of the economic impact to the City (tax increase, utility consumption, sales tax base). – We anticipate substantial increase in the value of the completed project compared to
the current value of the land. Because we will be developing a substantial number of unrestricted units, the property will carry a valuation based on conventional valuation methods. included in the anticipated costs are impact fees for utilities just as any other conventional MF development would pay.
7. Will this development require extensive capital improvements? This is a new construction development, so yes, we will expend substantial sums to
build it. We do not anticipate capital expenditures by the city.
DDCMerrittHeritage,Ltd.
1904W.35thStreet Austin,TX78703512/732‐1226 [email protected]
Please provide an analysis on how your project will impact the school district and provide any feedback received from school district. – This project will be restricted by a LURA to 55 years and older, and
thus have no impact on local schools districts.
Point Item Description QAP referencePoints
SelectedUnit Sizes §11.9(b)(1)(A) 8Unit Features §11.9(b)(1)(B) 7Sponsor Characteristics §11.9(b)(2) 1
16
Point Item Description QAP referencePoints
SelectedIncome Levels of Tenants §11.9(c)(1) 16Rent Levels of Tenants §11.9(c)(2) 13Tenants Services §11.9(c)(3) 10Opportunity Index §11.9(c)(4) 7Education Excellence §11.9(c)(5) 5Underserved Area §11.9(c)(6) 1Tenant Populations with Special Needs §11.9(c)(7) 2Proximity to Important Services §11.9(c)(8) 2
56
Point Item Description QAP referencePoints
SelectedLocal Government Support §11.9(d)(1) 17Commitment of Development Funding by Local Political Subdivision §11.9(d)(2) 1Declared Disaster Area §11.9(d)(3) 10Quantifiable Community Participation §11.9(d)(4) 4Community Support from State Representative §11.9(d)(5) 8Input from Community Organizations §11.9(d)(6) 4Concerted Revitalization Plan §11.9(d)(7) 0
44
Point Item Description QAP referencePoints
SelectedFinancial Feasibility §11.9(e)(1) 18Cost of Development per Square Foot §11.9(e)(2) 12Pre-application Participation §11.9(e)(3) 6Leveraging of Private, State, and Federal Resources §11.9(e)(4) 3Extended Affordability §11.9(e)(5) 2Historic Preservation §11.9(e)(6) 0Right of First Refusal §11.9(e)(7) 1Funding Request Amount §11.9(e)(8) 1Point Deductions §11.9(f) 0
43159 Total Application Self Score
Competitive Housing Tax Credit Selection Self-ScoreCriteria Promoting Development of High Quality Housing
Criteria to Serve and Support Texans Most In Need High Quality Housing Total
Serve and Support Texans Most in Need TotalCriteria Promoting Community Support and Engagement
Community Support and Engagement TotalCriteria Promoting the Efficient Use of Limited Resources and Applicant Accountability
Efficient Use of Limited Resources and Applicant Accountability Total
Exhibit 6
TDHCA Housing Tax Credit Program FAQs 1 of 6
TDHCA Question/Answer on Housing Tax Credits
Q. What are Housing Tax Credits?
A. The federal housing tax credit program is a means of directing private capital toward the
creation of affordable rental housing. Owners and investors in qualified affordable multifamily
residential developments can use the housing tax credits as a dollar‐for‐dollar reduction of
federal income tax liability. The value associated with the housing tax credits allows residences
to be leased to qualified families at below market rate rents. The Texas Department of Housing
and Community Affairs (TDHCA) is the only entity in the state of Texas with the authority to
allocate housing tax credits under this program. To qualify for housing tax credits, the proposed
development must involve new construction or undergo substantial rehabilitation of residential
units (at least $15,000/unit). The credit amount a development may receive depends on the total
amount of depreciable capital improvements and the funding sources available to finance the
total development cost.
Q. What must an applicant do to apply for housing tax credits?
A. Developers apply for housing tax credits through an application process administered by
TDHCA. This process is fully described in the Qualified Allocation Plan and Rules (QAP) which
governs the programʹs operation. The QAP is revised annually in a process that involves public
input, Board approval and ultimately approval by the Governor. Under the competitive HTC
program, to be considered for an award of housing tax credits, an application must be
submitted to TDHCA during the annual application acceptance period as published in the QAP.
All applications must provide the required fee, application and supporting documentation as
required by the QAP.
The competition for housing tax credits is very high. Therefore, in addition to submitting an
application that meets the minimum threshold, applicants must achieve a high enough score to
be competitive to receive an award.
Tax Exempt Bond applications applying for 4% housing tax credits are submitted to the
Department once the Reservation of Allocation is issued by the Texas Bond Review Board. It is
required under Section 1372 of the Texas Government Code, for Priority 1 and 2 applications to
apply for housing tax credits. Priority 3 applications are not required to have housing tax
credits; however, most developments are not financially feasible without them.
Q. Does TDHCA have geographical preferences or specific types of developments that it
prefers?
A. Under the competitive HTC program, housing tax credits are allocated in accordance with
Section 2306.111 of the Texas Government Code, which requires that the credits be allocated on
a regional basis. There are thirteen state service regions; each of the thirteen state service regions
is further divided into Rural and Urban/Exurban areas each of which is targeted to receive a
pre‐determined amount of the housing tax credits for each year. The amount per area is based
on a regional allocation formula which is generated, with public input, by the Housing
Exhibit 6
TDHCA Housing Tax Credit Program FAQs 2 of 6
Resource Center of TDHCA. Upon finalization of the formula, the targeted allocations will be
released. Additionally, the HTC Program has several allocations and/or set‐asides which it
strives to meet: at least 10% of all credits must be awarded to Qualified Nonprofits, at least 15%
of each regionʹs credit allocation is targeted to At‐Risk Developments and at least 5% of each
regionʹs credit allocation is targeted to developments funded by the U.S. Department of
Agriculture.
Q. What evaluation criteria is used to review submitted applications?
A. It is the goal of TDHCA to encourage diversity through broad geographic allocation of
housing tax credits within the state, and to promote maximum utilization of the available
housing tax credit amount. The criteria utilized to realize this goal includes a point based
scoring system (competitive HTC only) and an evaluation of the developmentʹs:
cost and financial feasibility;
geographic location within the state as compared to other developments applying for
housing tax credits;
impact on the concentration of existing housing tax credit developments and other
affordable housing developments within specific markets and sub‐markets;
site conditions;
development team experience; and
consistency with the goal of awarding credits to as many different applicants as possible.
Those applications which are deemed to have a high priority based on the review criteria
(competitive HTC only) are subject to an underwriting review which evaluates the
developmentʹs projected construction costs and financial feasibility. Applications which pass
the underwriting process and are determined to have the highest priority will be presented to
TDHCAʹs Board of Directors for consideration.
For Tax Exempt Bond developments, the applications are recommended for approval to the
Departmentʹs Governing Board of Directors based on the underwriting review which evaluates
the developmentʹs projected construction costs and financial feasibility and the ability of the
application to meet the threshold and compliance requirements of the Department.
Q. How is the scoring system used to prioritize the applications? (Competitive HTC only)
A. The QAP defines a series of point based ʺSelection Criteriaʺ items. To generate a ʺSelection
Criteriaʺ score, applicants request points for those criteria items for which their development is
qualified. These scoring criteria change annually and can be reviewed in the QAP.
While it is a significant factor, an applicationʹs score is not the sole determining factor as to
whether or not it will be recommended for an award of credits. However, the score serves as
one of the primary criteria (as described in the previous section) used to assess how well an
application fulfills the programʹs goals.
Exhibit 6
TDHCA Housing Tax Credit Program FAQs 3 of 6
Q. Can the public comment on a proposed tax credit development or on the development of
the QAP?
A. For the competitive HTC program, prior to the award of the credits, TDHCA will hold at
least three public hearings in metropolitan and rural areas across the state. The public is
encouraged to attend one of these scheduled hearings or to submit written comments to the
HTC Program. When submitting comments, the application under discussion should be clearly
identified by name, address, and city. Including the TDHCA application identification number
in the correspondence is also helpful. Based on the provided comment, an indication of the level
of support or opposition for an application will be included in the recommendation
documentation presented to TDHCAʹs Board of Directors.
For Tax Exempt Bond applications which utilize TDHCA as the issuer, the Department will
conduct development‐specific public hearings in the community in which the development is to
be located. The public is encouraged to attend these public hearings or submit written
comments to the Department. For tax exempt bond applications which utilize a local issuer,
interested individuals are encouraged to contact the Issuer for the public hearing information.
Public hearings are also held for the development of the QAP, which governs the
administration of the HTC Program. The public is encouraged to attend or provide written
comment. Written comment, on either a specific application or on the QAP, can be sent to:
Multifamily Finance Production, P.O. Box 13941, Austin, TX 78711‐3941 or transmitted via fax to
(512) 475‐0764 or (512) 475‐3340 or by email to [email protected].
Q. How can local residents impact the development process?
A. Because of their significant long‐term financial investment in the development and
community, developers in most cases want to work with area citizens and be a good neighbor.
Therefore it is not uncommon for developers to make reasonable alterations to the planned
development in response to the concerns of area neighbors.
In addition to attending and commenting at public hearings on a particular development such
as this, individuals and neighborhood organizations are encouraged to work directly with the
developer to gain a better understanding of a particular development. Open community
meetings offer an opportunity to ask questions, express concerns, and have a productive
dialogue between the developer and community.
Q. What questions should residents ask of the property developer? A. Below are some
common questions that will help you gain a better understanding of the developer’s goals and
intentions regarding a proposed property:
What other developments has the developer built and where are they are located?
What are the developer’s long‐term goals for the property?
How will the development fit in with the existing neighbor‐hood?
Who is the management company and what is its track record?
What types of supportive services will be provided to residents?
Exhibit 6
TDHCA Housing Tax Credit Program FAQs 4 of 6
Who are the proposed tenants and how will they be screened?
Q. What is the minimum percentage of units that must be set aside for eligible low income
tenants?
A. Each development must include a minimum percentage of units to be set aside for eligible
low income tenants. The rent charged for these units is restricted according to federal guidelines
which correspond to the householdʹs income level. While rental rates are restricted, they are not
subsidized (i.e., Section 8 housing) by the HTC Program. A low income housing development
will be eligible to apply for housing tax credits if it meets either of the following criteria:
a) Twenty percent (20%) or more of the residential units in the project are both rent restricted
and occupied by individuals whose income is fifty percent (50%) or less of Area Median Family
Income (AMFI);
b) Forty percent (40%) or more of the residential units in the project are both rent restricted and
occupied by individuals whose income is sixty percent (60%) or less of AMFI.
Housing tax credits may only be claimed for the affordable units that have been set aside for
participation under the program. Although a developer only needs to set aside a minimum of
twenty percent (20%) of a projectʹs units for qualified tenants, applicants will typically set aside
between 60% and 100% of the units for scoring purposes and to claim a higher amount of
housing tax credits.
In addition to these set aside requirements, under the Bond program there are additional set‐
asides the development must meet based on the Priority that is assigned by the Texas Bond
Review Board.
Q. How are the rent limits calculated?
A. The rent limits for housing tax credit units are based on the household income level and the
number of bedrooms in the unit. These rent and income limits are generated by the U.S.
Department of Housing and Urban Development each year. HTC rent limits include an
allowance for the cost of utilities (heat, lights, air conditioning, water, sewer, oil or gas). In
projects where the owner pays all utilities, no adjustment in the HTC rent limits are needed to
determine the maximum rent that can be charged for a housing tax credit unit. In projects
where tenants pay all or a portion of their own utilities, the rent established for a housing tax
credit unit must not exceed the applicable HTC rent limit for that unit.
The Department can provide interested parties with specific rent limits for their area, or a
complete set of income and rent limits can be found on the Departmentʹs Web site. Households
will be required by the property owner to periodically document their income level so that the
owner may continue to claim the housing tax credits for their unit.
Q. How do tax credits benefit the development owner?
A. Under the federal income tax code, a credit is a dollar‐for‐dollar reduction in the income tax
Exhibit 6
TDHCA Housing Tax Credit Program FAQs 5 of 6
liability for the investor. It is important to note that only the owners of a housing tax credit
property may utilize the benefits of the housing tax credits over time. A credit is subtracted
after the amount of tax is calculated. In this form, a credit differs from a deduction or
adjustment to income, which is then subtracted from income before the tax rate is applied and
the amount of tax is calculated.
Q. Why are developers given an incentive to develop affordable rental housing?
A. Many private developers and builders concentrate their efforts in larger metropolitan areas
and target higher income individuals and families. However, demographic studies show that
lower and moderate income individuals and families are the fastest growing segment of our
population. As the population grows, so will the need for affordable housing.
Q. How do tax credit developments compare with non‐tax credit developments?
A. Properties that receive housing tax credits must compete with nearby market developments
for tenants. The properties are safe, secure, and well maintained. They have amenities similar to
other apartment complexes, and may offer swimming pools, community centers and reception
areas. Newer developments may include daytime childcare, evening GED classes, on‐site
medical care and credit counseling. These supportive services are provided without charge to
the tenants.
Q. How do ʺlow income/affordable housingʺ units differ from ʺhousing projects?ʺ
A. Unlike most publicly‐subsidized housing which is designed to assist the elderly, disabled,
minimum wage workers or the unemployed, the housing tax credit program does not provide
tenants with governmental rent subsidies. It provides equity to build the development which
allows the developer to charge lower rents to the tenants. The programʹs rent and income levels
vary from county to county. In Houston, for example, the maximum allowable rent (which
includes a utility allowance) for a three bedroom housing tax credit apartment would be $953.
To be eligible to reside in the housing tax credit unit, a family of fourʹs annual income could not
exceed $36,660 at the time they signed the lease. In Lubbock, the maximum allowable rent for a
three‐bedroom apartment would be $783 a month. A family of fourʹs annual income could not
exceed $30,120. Tenants must pay their rents in full. Thus, the tenants are most likely working
Texans or retirees seeking an affordable place to live.
Q. Who lives in a tax credit development?
A. Typically, tenants may include: school teachers; police officers; firefighters; mechanics; single
parents who are balancing career and family while attending night school; city employees; sales
clerks; and retirees. Affordable housing and low income units are quite different from public
housing projects.
Q. Are existing developments renovated under the Housing Tax Credit Program?
A. Many of the apartments built during the boom years of the 1980ʹs which were abandoned
and boarded‐up during the stateʹs real estate bust, are today fully renovated and leased.
Hundreds of sprawling apartment complexes that had for years been both eyesores and
Exhibit 6
TDHCA Housing Tax Credit Program FAQs 6 of 6
occasional drug refuges, now provide thousands of working Texans with quality, affordable
housing, including the elderly and persons with disabilities.
Q. Are tax credit properties monitored?
A. Housing tax credit benefits are lost if a development fails to meet state and federal standards
every year for each of the 15 years of the compliance period. Properties are then monitored for
an additional 15 years to maintain affordability.
Resolution Number: ____________ Page 1 of 2 Description: DDC Merritt Heritage 9% Housing Tax Credit Support Date Approved: January 26, 2016
RESOLUTION NO. __________ A Resolution of the City Council of the City of Georgetown, Texas supporting a 2016 Housing Tax Credit application by DDC Merritt Heritage, LTD, for the development named Merritt Heritage located at the SE corner of Williams Drive and Woodlake Drive and declaring an effective date.
WHEREAS, DDC Merritt Heritage, LTD., and its affiliates (the "Applicant") propose to build a mixed income housing development with up to 220 residential units (the "Housing") in the City, to house senior citizens; and WHEREAS, the Housing is expected to be located at the SE corner of Williams Drive and Woodlake Drive and is expected to be named "Merritt Heritage"; and WHEREAS, the Applicant has submitted a pre-application (TDHCA No. 16185) and proposes to submit a final application for financing for the Housing, including Competitive 9% Housing Tax Credits ("Tax Credits") from the Texas Department of Housing and Community Affairs; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: SECTION ONE. The City Council of the City of Georgetown hereby confirms its support for the development and construction of the Housing described above and that this formal action has been taken to put on record the opinion expressed by the City on this date. SECTION TWO. The City Council of the City of Georgetown hereby approves the Applicant's application for Tax Credits from the Texas Department of Housing and Community Affairs and supports an award of Tax Credits for the Housing pursuant to the Qualified Allocation Plan of the Texas Department of Housing and Community Affairs. SECTION THREE. As provided in 10 Texas Administrative Code §11.3(b), it is expressly acknowledged and confirmed that the City of Georgetown has more than twice the state average of units per capita supported by Tax Credits or private activity bonds and this City Council has voted specifically to approve construction of the Housing and to authorize an allocation of Tax Credits for the Housing pursuant to Texas Government Code §2306.6703(A)(4). SECTION FOUR. In accordance with 10 Texas Administrative Code §11.9(d)(2), the City hereby commits to an in-kind contribution to the Housing in the form of an in-kind contribution such as a fee waiver, grant or contribution of other value of $10 for the benefit of the Housing.
Resolution Number: ____________ Page 2 of 2 Description: DDC Merritt Heritage 9% Housing Tax Credit Support Date Approved: January 26, 2016
SECTION FIVE. For and on behalf of the City Council, [name, position of authorized person] is hereby authorized, empowered, and directed to certify these resolutions to the Texas Department of Housing and Community Affairs, on the 26th day of January 2016. ATTEST: THE CITY OF GEORGETOWN: Shelley Nowling Dale Ross City Secretary Mayor
APPROVED AS TO FORM:
Skye Masson Interim City Attorney
