title
Approval of a Resolution Declaring a Need for the Denton Housing Authority to Exercise Its Powers in the City of Lewisville and Authorizing a Housing Cooperation Agreement Between the City and the Denton Housing Authority to Preserve Affordable Housing at the Oak Tree Village Apartments Located at 1595 South Old Orchard Lane; and Authorization for the City Manager, Or Her Designee, to Execute Said Agreement.
request
ADMINISTRATIVE COMMENTS:
AMTEX, an affordable housing developer, desires to partner with the Denton Housing Authority (DHA) to renovate the Oak Tree Village Apartments, located at 1595 S. Old Orchard Lane, (the “Property”) and preserve rent affordability. For the DHA to perform work within Lewisville municipal boundaries, a resolution must be adopted by the City finding a need for the DHA to exercise its powers in the City of Lewisville. The resolution also approves a corresponding Housing Cooperation Agreement, which gives the DHA the authority to work within Lewisville and establish a partnership with AMTEX to renovate and preserve affordability at the Property. It also requires certain improvements to the Property, specific levels of affordability, and compliance with the multifamily operational requirements.
RECOMMENDATION:
That the City Council approve the resolution and authorize the City Manager, or her designee, to execute the Housing Cooperation Agreement as set forth in the caption above.