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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Park Boulevard Lofts (HTC #23061)
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RECOMMENDED ACTION
recommendation
WHEREAS, Park Boulevard Lofts (the Development) received a 9% Housing Tax Credit (HTC) award in 2023 for the new construction of 66 units of multifamily housing for the general population in Houston, Harris County;
WHEREAS, to allow for the construction of Silverleaf Senior Living (HTC #25126), which was awarded 9% tax credits in 2025, on part of the land that was approved for the Development, CHS Park Boulevard Lofts, Ltd. (Development Owner or Owner) requests approval to decrease the size of the Development site from 6.55 acres to 4.1855 acres, which results in a 56.49% increase in residential density, going from 10.076 units per acre to 15.769 units per acre;
WHEREAS, Board approval is required for a modification of the residential density of at least 5% as directed in Tex. Gov’t Code §2306.6712(d)(6) and 10 TAC §10.405(a)(4)(F), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested change does not materially alter the Development in a negative manner, was not reasonably foreseeable or preventable by the Owner at the time of Application, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment of the Application for Park Boulevard Lofts is approved as presented at this meeting, and the Executive Director and his designees are each authorized, directed, and empowered to take all necessary action to effectuate the Board’s determination.
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BACKGROUND
Park Boulevard Lofts received a 9% Housing Tax Credit (HTC) award in 2023 to construct 66 units of multifamily housing for the general population in Houston, Harris County. The Development was approved for a reallocation of tax credits under force majeure in 2024 (HTC #24811), and construction of the Development has been completed. In a letter dated May 7, 2026, Jervon Harris, the representative for the Development Owner, requested approval for a material amendment to the Application. The amendment is for a 56.49% increase in the residential density, going from 10.076 units per acre to 15.769 units per acre, which requires approval by the Board under Tex. Gov’t Code §2306.6712(d)(6) and 10 TAC §10.405(a)(4)(F). The change is a result of a decrease in the Development site acreage from 6.55 acres to 4.1855 acres, a decrease of 2.3645 acres (36.10% decrease).
The Development was originally underwritten and approved based on a total site area of 6.55 acres. Following planning and permitting, it was determined that only 4.1855 acres were required for the Development, with approximately 2.3645 acres remaining as excess land. This excess land was subsequently proposed for a separate low-income development known as Silverleaf Senior Living (HTC #25126) providing housing for the elderly population and awarded tax credits in 2025.
The net rentable area remains unchanged at 55,200 square feet. The amendment request letter states that Common Area increased slightly from 13,373 square feet to 13,862 square feet, but it should be noted that 11,990 square feet of Common Area were identified at Application.
The amendment request letter states that the reallocation of land acquisition costs between the two developments is not anticipated to impact the tax credit amount for the Development. However, staff’s review indicates that, all else held equal in the underwriting analysis at Application, the proration of the land costs between to the two developments would have caused the Development to be over-sourced. The final tax credit amount will be determined at cost certification.
The Owner indicated that they could not have reasonably anticipated that a portion of the property would subsequently be awarded tax credits for a separate development. The requested amendment does not materially alter the Development. Rather, the change allows for the development of additional affordable housing for elderly residents.
Staff recommends approval of the requested material amendment to the Application.