File #: 20-044    Version: 1 Name: Taft Tax Credit support
Type: Resolution Status: Approved
File created: 1/3/2020 In control: City Council
On agenda: 2/11/2020 Final action: 2/11/2020
Title: Communication from the City Manager and Director of Community Development to APPROVE a RESOLUTION Supporting the Application for LOW INCOME HOUSING TAX CREDITS Submitted by the Peoria Housing Authority for the Development of the TAFT HOMES. (Council District 1)
Attachments: 1. RES NO 20-044 Taft Redevelopment, 2. Resolution Taft 02 2020, 3. Peoria Housing Authority -- LIHTC application -- 02 2020
Related files: 21-162

ACTION REQUESTED: 

Title

Communication from the City Manager and Director of Community Development to APPROVE a RESOLUTION Supporting the Application for LOW INCOME HOUSING TAX CREDITS Submitted by the Peoria Housing Authority for the Development of the TAFT HOMES. (Council District 1)

 

Body

BACKGROUND:  The Peoria Housing Authority (PHA) has applied for low income housing tax credits (LIHTC) through the Illinois Housing Development Authority (IHDA). A copy of the preliminary tax credit application is attached to this memo as background. The receipt of these tax credits is critical to the proposed redevelopment of the Taft Homes.

 

The purpose of this resolution is to exhibit support for the application.

 

FINANCIAL IMPACT:  NA

 

NEIGHBORHOOD CONCERNS:  NA

                     

IMPACT IF APPROVED: The PHA will be able to use the resolution as a supporting document for their LIHTC application.

 

IMPACT IF DENIED:  The PHA will not have a resolution as a supporting document.

 

ALTERNATIVES:  NA

 

EEO CERTIFICATION NUMBER: NA

 

WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?

 

1. Grow Peoria                     

2. Financially Sound City

3. Beautiful Peoria

 

WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?

 

1. Reinvest in neighborhoods.                     

2. Have an efficient government.                     

3. Support sustainability.                     

 

DEPARTMENT: Community Development