title
Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Maple Park Manor (HTC #23236)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Maple Park Manor (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2023 for the new construction of 30 units for the elderly population in Lockhart, Caldwell County;
WHEREAS, Maple Park Manor, L.P. (the Applicant) requests approval for a site plan and architectural design change, which includes going from a three-story building to a two-story building, and also includes a reduction in the Common Area from 8,500 to 5,185 square feet, representing a reduction of 3,315 square feet or 39% from the Common Area represented at Application;
WHEREAS, Board approval is required for a significant modification of the site plan, a reduction of 3% percent or more in the square footage of the Units or common areas, and a significant modification of the architectural design as directed in Tex. Gov’t Code §2306.6712(d)(1), (4), (5) and 10 TAC §10.405(a)(4)(A), (D), and (E), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or affect the HTC amount awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Maple Park Manor 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.
end
BACKGROUND
Maple Park Manor received an award of 9% Housing Tax Credits in 2023 for the new construction of 30 low-income units of for the elderly population in Lockhart, Caldwell County. In a letter dated February 26, 2024, Brian Kimes, representative for the Applicant, requested approval for a material amendment to the Application.
The Applicant requests to modify the site plan from having a single three-story building to a single two-story building and to reduce the Common Area from 8,500 square feet to 5,185 square feet. The reduction of 3,315 square feet in Common Area represents a reduction of 39% from the original design. The overall Development site remains the same size as does the number and size of residential units. The original building plan was a three-story, elevator-served, L-shaped building, and the revised proposal is a more efficient two-story, elevator served, linear building with the same net rentable area and reduced interior common space. The enclosed table compares the site plan of the Development at Application and the revised site plan after the amendment.
The Applicant states that the modification is necessary to maintain feasibility due to unforeseen market conditions that include increases in construction cost, rising interest rates, rising operating cost and declining tax credit equity pricing.
The change to the building plan and Common Area square footage do not materially alter the Development in a negative manner, and was not reasonably foreseeable or preventable by the Applicant at the time of Application. The Applicant has indicated that there was no net financial impact on the Development as a result of the proposed changes. Staff has determined that this change does not affect the scoring of the Application or the HTC award, and the Development will continue to meet the accessibility requirements.
Staff recommends approval of the amendment request as presented herein.