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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Landing at San Felipe (HTC #23027)
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RECOMMENDED ACTION
recommendation
WHEREAS, Landing at San Felipe (Development) received an award of 9% Housing Tax Credits (HTCs) in 2023 for the new construction of 48 multifamily units, 45 of which were proposed as low-income units, for the general population in Edcouch, Hidalgo County;
WHEREAS, The Landing at San Felipe, LP (Development Owner or Owner) requests approval for an increase in the number of low-income units from 45 to all 48 of the units;
WHEREAS, the Owner also requests approval for changes to the architectural design of the Development to improve the quality of the Development, including an increase of 578 square feet (4.15%) to the Common Area and slight increases to the sizes of the units, resulting in a 1.59% or 882 square feet increase in the Net Rentable Area, from 55,333 square feet to 56,215 square feet;
WHEREAS, Board approval is required for a significant modification of the architectural design and for any other modification considered material by the staff as directed in Tex. Gov’t Code §2306.6712(d)(5) and (7) and 10 TAC §10.405(a)(4)(E) and (I), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development or negatively impact the viability of the transaction and would not have adversely affected the selection of the Application or affect the HTC amount awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Landing at San Felipe 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
Landing at San Felipe was approved for a 9% HTC award in 2023 for the construction of 48 units, of which 45 were designated as low-income units, of multifamily housing for the general population in Edcouch, Hidalgo County. In a letter dated August 29, 2025, Judith Flores, the representative for the Owner, requested approval for a material amendment to the Application.
The Development was originally approved with 45 low-income units and three market units. The Owner now requests to have the three market units designated as low-income units, representing an increase of 6.67% in the number of low-income units. Additionally, the types and unit sizes increased from the original Application. The unit sizes increased due to a change to the exterior walls for structural purposes. Additionally, two new types of units were incorporated into the site design due to the sizing of the mechanical closets. As revised, the Net Rentable Area (NRA) increased 882 square feet (1.59%) from the NRA at Application. The unit mix remains 24 two-bedroom units and 24 three-bedroom units. The parking count increased from 82 open surface spaces to 112 open surface spaces, an increase of 30 spaces. A pavilion, a playground, a dog wash area, and a dog park have also been added. There was also an increase in the Common Area from 13,933 square feet, which was previously mistakenly reported as 14,533 square feet at Application, to 14,511 feet, representing an increase of 578 square feet or 4.15%. The common area changes are a 22 square foot decrease to the clubhouse due to a framing issue requiring that the exterior columns on the porches be moved three-and-a-half inches, and introduction of a 600 square foot pavilion for tenant use. A water pump and pump house were also incorporated into the site design.
The Development was re-underwritten with the proposed amendment and revised financial information. The analysis supports no change to the HTC allocation and demonstrates the Development remains feasible.
Staff confirmed that the revised design plans and parking will continue to meet accessibility requirements. Additionally, staff reviewed the original Application and scoring documentation against this amendment request and concluded that none of the changes would have affected the selection of the Application in the competitive round.
Staff recommends approval of the amendment as presented herein.