The Tyler City Council voted on Wednesday, Feb. 14, to adopt a resolution of support for a proposed development for Reserve at Tyler, which is applying for affordable housing tax credit from the Texas Department of Housing and Community Affairs (TDHCA). The Council also approved waiving $500 of the project's development permit fees.
The TDHCA Housing Tax Credit (HTC) Program helps fund projects with tax credits awarded to eligible participants to offset a portion of their federal tax liability in exchange for producing or preserving affordable rental housing for low-income households. The allocation of tax credits is a competitive process.
Three developers submitted their proposed projects to the City and requested a resolution of support for the TDHCA to improve their opportunity to obtain these tax credits. The projects were Reserve at Tyler, an 84-unit development for affordable rental housing at 1005 SSE Loop 323; the Tyler Crossing, an 84-unit development for affordable rental housing for seniors at 1095 E. Gentry Pkwy.; and Moore Grocery Lofts, to renovate 88 units at 414 N. Broadway Ave.
"Housing diversity is important for any growing city, and Tyler is no exception," said Assistant City Manager Heather Nick. "As the City continues to expand, it's becoming increasingly clear that we need more multifamily homes to meet the needs of our diverse population."
A City of Tyler resolution of support helps strengthen the developer's application to receive low-income housing tax credits through the TDHCA. A resolution supporting affordable housing projects is consistent with the Tyler 1st Comprehensive Goal to provide sufficient housing for households at all income levels and all stages of the life cycle. Projects receive 17 points for a resolution of support from a local government. A resolution of support does not suggest that a request to rezone a property associated with a project will be supported. If a property must be rezoned, it must go through the rezoning process, which includes a public process, review and recommendation by City staff, recommendation by the Planning and Zoning Commission and final approval from the Tyler City Council.
