14 & 15 - AFFORDABLE HOUSING REQUESTS

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Item Nos. 14 & 15 memorandum TO: Mayor & City Council FROM: John Godwin, City Manager SUBJECT: AFFORDABLE HOUSING REQUESTS DATE: February 16, 2016 BACKGROUND: Brownstone, a development company out of Houston, met with the council on February 8 to request a resolution of support for its proposed construction of an approxi- mately 80 -unit rental housing community that would serve renters aged 55 and up. Like the two developers that addressed the council last month, the Paris Senior Village would use tax credits to provide affordable housing to a percentage of its tenants. STATUS OF ISSUE: At the February 8 meeting, the council tabled the Brownstone application to February 22, and also instructed that the proposed State Street Housing project —a new apartment complex on the north side of east 82 near Reno —also be reconsidered. Tax credit projects must have the support of the local governing body through a resolution approved by the city council to receive approval by the TDHCA. BUDGET: NA RECOMMENDATION: Receive input and approve or disapprove resolutions of support.