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Presentation, discussion, and possible action regarding a Material Amendment to the Application for Cady Lofts (HTC #22274 / HOME ARP #23709)
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RECOMMENDED ACTION
recommendation
WHEREAS, Cady Lofts (Development) received an award of 9% Housing Tax Credits (HTCs) in 2022 and HOME ARP funding and a reallocation of tax credits under Force Majeure in 2023, and State Housing Tax Credits in 2024 for the new construction of 100 supportive housing multifamily units in Austin, Travis County;
WHEREAS, Cady Lofts, LLC (Development Owner or Owner) requests approval for a significant modification of the architectural design, including a change in configuration of the floor plan of the sole building, and a decrease in parking, resulting in no change in net rentable area and in an increase in the common area;
WHEREAS, Board approval is required for a significant modification of the site plan, a significant modification of the architectural design of the Development, as directed in Tex. Gov’t Code §2306.6712(d)(1) and (5), and in 10 TAC §10.405(a)(4)(A) 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 impact the funding award;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Cady 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 foregoing.
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BACKGROUND
Cady Lofts was approved for a 9% HTC award in 2022, Force Majeure in 2023, a HOME ARP award in 2023, and State Tax Credits in 2024 for the construction of 100 supportive housing units, all of which are designated as low-income units, in Austin, Travis County. Construction of the Development has been completed. In a letter dated October 21, 2025, Alyssa Carpenter, the representative of the Owner, requested approval for a material amendment to the Application for a significant modification of the site plan, a significant modification of the architectural design, and a reduction in parking spaces.
The significant modifications of the architectural design include a redesign of the sole building from a four-story podium residential building with ground floor common area and 29 parking spaces to a split-level four-story building and nine surface lot parking spaces. There are no changes to the Net Rentable Area (NRA), unit count, unit mix, or set-asides. Additionally, the changes to the architectural design of the Development result in an increase to the Common Area, from 19,530 square feet at Application to 21,830 square feet.
During the site plan approval process, the neighborhood was concerned that there was not adequate open space for residents. Also, subsequent engineering and site work revealed that the natural topography of the site actually had considerable slope front to back, which was altered and obscured by the existing single-family homes that were on the property. In consideration of these items, the site plan was changed from a four-story building with ground-level podium parking to a split-level four-story building that will follow the natural contour of the development site. The interior courtyard area was increased, and common area space was distributed to three of the four floors to better serve the residents. Parking was moved from the ground floor of the building to a surface lot that contains underground detention. Total parking spaces were reduced from 29 to nine; however, the Development still exceeds the City of Austin parking requirements through the Austin Affordability Unlocked Program. There is no change to the number of units or unit square footages: there are still 100 units each with 451 square feet and a total NRA of 45,100. Common area has increased from 19,530 square feet at Application to 21,830 square feet.
The Owner also explained that building cost increases were unforeseen at the time of Application. In order to continue with the project and maintain feasibility while working with the neighborhood, these changes were necessary.
The Owner also included a revision to the Federal Home Loan Bank (FHLB) funding amount, which increased from $850,000 to $2,000,000. These funds will be granted to the Austin Affordable Housing Corporation (AAHC) and subsequently loaned to the partnership. At the time of the FHLB closing, the TDHCA HOME-ARP loan ($1,082,400, 0%, 20-year term) will be paid in full, and TDHCA’s lien will be released accordingly. Staff’s re-underwriting review of the modified financing indicates no financial impact on the Development or change to the federal and state HTC awards.
Staff recommends approval of the Application amendment as presented herein.