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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Residences at Pearsall Park (HTC #24456)
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RECOMMENDED ACTION
recommendation
WHEREAS, Residences at Pearsall Park (the Development) received an award of 4% Housing Tax Credits (HTCs) in 2024 to construct 238 units of housing for the elderly in San Antonio, Bexar County;
WHEREAS, Pearsall Park LP (the Development Owner or Owner) requests approval for a decrease in the total number of units from 238 to 237 units and also change the unit mix by reducing the number of two-bedroom units by four and increasing the number of one-bedroom units by three as a result of a redesign to include the addition a second trash chute in Building 1;
WHEREAS, Board approval is required for a modification of the number of units or bedroom mix of units as directed in Tex. Gov’t Code §2306.6712(d)(2) and 10 TAC §10.405(a)(4)(B), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development, or impact the viability of the transaction;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Residences at Pearsall Park is approved as presented at this meeting, and the Executive Director and his designees are each hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
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BACKGROUND
Residences at Pearsall Park received an award of 4% Housing Tax Credits in 2024 to construct two four-story buildings with a total of 238 units of housing for the elderly in San Antonio, Bexar County. The Construction Status Report for this Development supports that the project is 70% complete as of the field inspection on December 17, 2025.
In a letter dated January 19, 2026, Blake Hopkins, the Owner representative, requested approval for a modification of the architectural design for Building 1, the larger of the two residential buildings, to accommodate an additional trash chute to decrease the distance the senior residents need to travel to dispose of their trash. In order to accommodate this change, the Owner is requesting approval to replace a two-bedroom unit with a one-bedroom unit on each of the second, third, and fourth floors and entirely remove one two-bedroom unit on the first floor. This allows for the space needed for the additional trash chute.
The Application originally identified 126 two-bedroom units and 112 one-bedroom units for a total of 238 units. The request decreases the total two-bedroom units to 122 units and increases the total one-bedroom units to 115 units for a total of 237 units. Per the revised Rent Schedule, this change results in a 1,512 square foot (0.77%) reduction in Net Rentable Area, going from 195,693 sq. ft. at application to 194,181 sq. ft.
The Development was re-underwritten with the proposed amendment and revised rental income. The analysis supports no change to the HTC award and demonstrates the Development remains feasible. The final HTC amount will be determined at cost certification.
The proposed changes to the site plan do not materially alter the Development in a negative manner, and the result is anticipated to be a benefit to the residents.
Staff recommends approval of the amendment request as presented herein.