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Item No. 19 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: AFFORDABLE HOUSING <br />DATE: December 29, 2015 <br />BACKGROUND: A residential developer from Oklahoma, LW Development, wishes to build <br />49 affordable single family detached rental properties in Paris. The company has successfully <br />developed this type product in other cities, mostly in Oklahoma, but also in Dennison. They <br />need a resolution approved by the city council supporting the project to the Texas Department of <br />Housing and Community Affairs, and offering some de minimus fiscal support (which I think we <br />can do through our existing residential tax abatement program, or reduced building permits). <br />STATUS OF ISSUE: Planned units are 3 -4 bedrooms, with garages, to be located on East 82 <br />against the west Reno city limit. A possible downside might be that although these are relatively <br />nice, good -sized homes, they will all be rental units, whose useful lives are usually shorter than <br />user - occupied homes. Rents will vary depending on family income and unit size. <br />BUDGET: The company claims $7 million in constriction investment. <br />RECOMMENDATION: Approve attached resolution. <br />