Agenda

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City Council Regular Meeting

Meeting Date:

10/11/2022

BACKGROUND

The NRP Group, the developer of a proposed tax credit apartment complex on approximately 15 acres on FM 1518 approximately 2,200 feet southeast of the intersection of FM 1518 and Lower Seguin Road is requesting the City of Schertz enter into a collaboration agreement with the Texas Home Collaborative. The NRP Group is partnering with the Schertz Housing Authority on the development of this project. The NRP Group is proposing to also partner with the Texas Home Collaborative, a non-profit public facility corporation sponsored by the Housing Authority of the City of Texarkana, Texas to issue bonds associated with the applied for 4% tax credits.

Since the project is located in the City of Schertz, the Texas Home Collaborative is seeking to enter into a cooperation agreement with the City of Schertz, as referenced under Sections 392.017(b) and 392.059 of the Texas Local Government Code. The Schertz Housing Authority has already found the need to enter into a cooperation agreement with the Texas Home Collaborative based on their finding of need.

GOAL

Acknowledge that the City, while supportive of the creation of affordable housing, is not opposed to another entity issuing bonds to support projects being developed in Schertz.

COMMUNITY BENEFIT

Provides for the development of affordable housing within Schertz, but without financial risk to the City.

SUMMARY OF RECOMMENDED ACTION

Approval of this agreement.

FISCAL IMPACT

None

RECOMMENDATION

Approval of Resolution 22-R-119.

Attachments
Res 22 R 119
Cooperation Agreement