Arbor Park Affordable Housing Tax Exemption Support at McNeil Drive (26-2269)
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Approve a resolution of support for the development, Arbor Park, located at or near 6306 McNeil Drive, Austin, Texas 78729, to satisfy state administrative rules relating to a change to the ownership structure of a competitive housing tax credit development by the addition of Strategic Housing Finance Corporation, a housing finance corporation that will result in a 100 percent property tax exemption. Funding: This action will result in a 100 percent exemption from the City’s portion of property taxes resulting in unrealized revenue and will aid in the development and preservation of long-term affordable housing.
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Obtain Arbor Park ownership restructuring documents for tax exemption
Why now: The resolution exists to satisfy state administrative rules on a change to the ownership structure of a competitive housing tax credit development by adding Strategic Housing Finance Corporation, which results in a 100 percent exemption, but the item text does not state the governing rule or any affordability conditions.
What to do: Pull the ownership documents and the state filing that the resolution of support is meant to satisfy, and confirm what the city is committing to. Ask whether the support depends on the Strategic Housing Finance Corporation addition and whether any affordability conditions bind the owner.
Act before: After the next material record update
Request revenue figures for Arbor Park property tax exemption
Why now: The item for 6306 McNeil Drive states a 100 percent exemption from the City's portion of property taxes but quantifies nothing, and the exemption follows from adding Strategic Housing Finance Corporation to the ownership structure of an existing competitive housing tax credit development.
What to do: Ask the city for the estimated dollar amount of City property tax revenue forgone over the exemption's life. The council item says only that there will be "unrealized revenue" and gives no figure, so the public cannot weigh the cost against the affordability benefit.
Act before: After the requested records are produced
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Approve a resolution of support for the development, Arbor Park, located at or near 6306 McNeil Drive, Austin, Texas 78729, to satisfy state administrative rules relating to a change to the ownership structure of a competitive housing tax credit development by the addition of Strategic Housing Finance Corporation, a housing finance corporation that will result in a 100 percent property tax exemption. Funding: This action will result in a 100 percent exemption from the City’s portion of property taxes resulting in unrealized revenue and will aid in the development and preservation of long-term affordable housing.