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R-2013-07 committment to provide a construction loan Mariposa Apt Homes at Pecan Park
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R-2013-07 committment to provide a construction loan Mariposa Apt Homes at Pecan Park
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1/15/2020 3:44:09 PM
Creation date
3/1/2013 3:53:40 PM
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Legislative Records
Legislative Type
Resolution
Date
2/25/2013
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RESOLUTION 2013 - Oq <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS <br />EXPRESSING THE CITY OF LA PORTE'S COMMITMENT TO PROVIDE A <br />CONSTUCTION LOAN FOR DEVELOPMENT OF THE MARIPOSA APARTMENT HOMES <br />AT PECAN PARK; MAKING VARIOUS FINDINGS AND PROVISIONS RELATED TO <br />THE SUBJECT;AND PROVIDING AN EFFECTIVE DATE THEREOF. <br />Whereas, Mariposa Pecan Park LP ("Applicant") has proposed a <br />development for affordable rental housing named Mariposa <br />Apartment Homes at Pecan Park (the "Development") in the City of <br />La Porte (the "City"); and <br />Whereas, Applicant intends to submit an application to the Texas <br />Department of Housing and Community Affairs ("TDHCA") for 2013 <br />Housing Tax Credits for the Development; and <br />Whereas, the City's Planning Department previously delivered <br />that certain letter to TDHCA dated December 10, 2012 indicating <br />the City's support of the Development as well as the <br />Development's most significant contribution to the City's <br />current revitalization efforts; and <br />Whereas, 10 TAC §11.9(d) (3) (A) (i) of the TDHCA rules governing <br />the Competitive Housing Tax Credit Program provides for an <br />applicant to be awarded twelve (12) points for a commitment by a <br />Unit of General Local Government of the lesser of the population <br />of the Place, 33,800, multiplied by a factor of 0.15 in funding <br />per Housing Tax Credit Unit; <br />Whereas, 10 TAC §11.9(d) (3) (B) of the TDHCA rules governing the <br />Competitive Housing Tax Credit Program provides for an applicant <br />to be awarded one (1) point may be added to the points in <br />§11.9(d) (3) (A) (i) of subparagraph (A) if the Applicant provides <br />a firm commitment for funds in the form of a resolution from the <br />Unit of General Local Government in the Application due on March <br />1, 2013; <br />Whereas, the City desires to assist Applicant in being awarded <br />the thirteen (13) points; <br />Whereas, Chapter 380 of the Texas Local Government Code <br />authorizes municipalities to establish and provide for the <br />administration of programs for making of loans and grants of <br />
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