Regional Public Hearing on Proposed Affordable Housing

REGIONAL PUBLIC HEARING ON PROPOSED AFFORDABLE HOUSING SET FOR APRIL 14

(April 2, 2010) The City of Frisco has received notification from the Texas Department of Housing and Community Affairs that one developer has submitted a completed application for the 2010 Competitive Housing Tax Credit (HTC) program for a proposed low income housing complex in Frisco.

The developer, Stewart Creek, LLP, submitted the completed application for the proposed North Court Villas complex. The proposed complex would be built on 10 acres on the south side of Stonebrook Parkway between Woodstream Drive and Preston Road. The project is now one of 28 developments competing for the $10 million in tax credits available this year to Texas’ Region 3. The total amount requested for the 28 projects submitted is $41 million. Based on a self-ranking submitted by developers with their completed HTC applications, the North Court Villas development is currently ranked 27th out of the 28 projects in line for funding.

If Stewart Creek, LLP’s development is awarded funds from the HTC program, then the developer will also be eligible for $2 million in grant money from the Inclusive Communities Project, Inc. (ICP) through an agreement with the City of Frisco. Under the ICP agreement, developers must set aside 50 units or 25 percent of the complex’s units, whichever is greater, for Section 8 vouchers. North Court Villas would have 50 units available for Section 8 voucher holders.

In February, the Frisco City Council approved requests from Stewart Creek, LLP and a second developer, VDC Frisco Reserve I, LP, for letters of support to submit with their 2010 Housing Tax Credit Applications. The council submitted letters on behalf of both developers; however, VDC Frisco Reserve I, LP has withdrawn from the process to compete for funds for a proposed complex near the intersection of McKinney Road and Sunset Drive.

Residents may voice their opinions about the proposed development when the Texas Department of Housing and Community Affairs holds a public hearing on Wednesday, April 14 at 6:00 p.m. The meeting will be in the auditorium of the J. Erik Johnson Central Library, located at 1515 Young Street in downtown Dallas.

Residents may also submit written comments through June 15. Comments should be mailed to:
Texas Department of Housing and Community Affairs Multifamily Finance Division P.O. Box 13941 Austin, TX 78711

The Department of Housing and Community Affairs will also accept written comments by
fax: (512) 475-0764, or email: Raquel.morales@tdhca.state.tx.us

Read more about proposed low income/Section 8 housing in Frisco online at FriscoTexas.gov/affordablehousing.