10 - SENIOR AFFORDABLE HOUSING REQUEST

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City Manager January 19, 2016 IV. Support Request: The Brownstone development team will form a limited partnership called LHA Paris Senior Village, Ltd. LHA Paris Senior Village, Ltd. will be submitting an application to the Texas Department of Housing and Community Affairs ( "TDHCA ") for an allocation of 2016 9% housing tax credits in connection with the proposed development of Paris Senior Village. The tax credit applications are due into TDHCA on or before 3/01/2016. TDHCA is the agency in Texas that administers several federally funded housing programs including the housing tax credit program. The tax credit application and selection process for housing tax credits is highly competitive. Without the award of housing tax credits, the Brownstone development team will not be able to move forward with Paris Senior Village. The application process is point based. Those applications receiving the highest score are awarded the housing tax credits. Important point -based categories in the application scoring process include both a commitment of support from the City of Paris and a small contribution of value for the benefit of the development that is confirmed in a brief letter. The commitment of support can be a simple resolution (See attached, "Resolution Example "), and regarding the contribution, we envision it to be di minimus in value, such as a reduction in the permit application fee for the benefit of the development that does not exceed $100. (See attached, "Contribution Letter Example "). Ultimately, the Brownstone development team appreciates the opportunity to submit this project summary and support request, and looks forward to working with the City of Paris in developing a quality senior housing development in your community. Very truly yours, Brownstone Affordable Housing, Ltd., a Texas limited partnership By: Three B Ventures, Inc., its general partner By: Jeremy t4m6s, Vice President