City of Seabrook Announces 2019 Deadlines for City Support of State Tax Credit Applications
FOR IMMEDIATE RELEASE
Seabrook, TX (8/24/18) – The City of Seabrook has announced deadlines for those organizations seeking City of Seabrook support for their 2019 9% Competitive Low Income Housing Tax Credit applications. Applicants seeking 1) a Resolution of Support from the City and/or 2) a commitment of local funding from the City must submit the City of Seabrook’s LIHTC Project Support and Funding Assistance application with all attachments in accordance with the City’s Low Income Housing Tax Credit (LIHTC) Support and Funding Assistance Policy.
The policy is designed to assist in the analysis of projects requesting support for proposed LIHTC. Such analysis is to determine if the projects comply with certain principles and policies in the City’s Comprehensive Plan, as well as various other master, strategic, and redevelopment or neighborhood plans adopted by the City Council. The goal of this analysis is to (a) establish if LIHTC projects merit local support and/or funding assistance, and (b) prioritize LIHTC submissions if more than a single proposal is received during an evaluation period.
The LIHTC program is an indirect Federal subsidy begun in 1986 as a market-based incentive to encourage investment & development of affordable rental housing. In Texas, the Program is administered by the Texas Department of Housing & Community Affairs (TDHCA). The LIHTC program is a competitive system based on point categories. Tax Credits are awarded by the TDHCA based on regions. The City of Seabrook is in Region 6, in the urban sub-region. Points are available to developers for securing a resolution of local government support and securing a local government commitment to funding.
Applications must be submitted by 5:00 p.m., Monday, November 5, 2018. The application and program guidelines can be accessed atwww.seabrooktx.gov/taxcredit.
LIHTC applications should be submitted to:
Office of Community Development
Sean Landis, Director of Community Development
1700 1st Street, Seabrook, TX 77586
Only one unbound, signed original application need be submitted.
In order to coordinate with TDHCA’s March 1, 2019 application deadline, it is anticipated that presentations from applicants will be heard at the December 4, 2018 City Council Work Session and any resolutions of support or funding commitments from the Seabrook City Council will be considered at the December 18, 2018 Regular City Council Meeting.