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Presentation, discussion, and possible action regarding a Material Amendment to the Application for Pine Creek Apartments (HTC #25201 / MFDL #26504)
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RECOMMENDED ACTION
recommendation
WHEREAS, Pine Creek Apartments (the Development) received a 9% Housing Tax Credit (HTC) award and a State Housing Tax Credit award in 2025 and was approved for a Multifamily Direct Loan (MFDL) in 2026 for the new construction of 52 units of multifamily housing for the elderly population in Bastrop, Bastrop County;
WHEREAS, due to the anticipated donation of undevelopable land to the City of Bastrop, Pine Creek Bastrop, LP (Applicant) requests approval to decrease the size of the Development site from 5.737 acres at Application to 3.895 acres, which results in a 47.29% increase in residential density, going from 9.06 units per acre to 13.35 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 Applicant 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 Applicant 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 Pine Creek Apartments 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
Pine Creek Apartments received a 9% Housing Tax Credit (HTC) award and a State Housing Tax Credit award in 2025 and was approved for a Multifamily Direct Loan in 2026 to construct 52 units of multifamily housing for the elderly population in Bastrop, Bastrop County. The Applicant has yet to close and begin construction. In a letter dated July 28, 2026, Tisha Vaidya, the representative for the Applicant, requested approval for a material amendment to the Application. The amendment is for a 47.29% increase in the residential density, going from 9.06 units per acre to 13.35 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 5.737 acres at Application to 3.895 acres, a decrease of 1.842 acres (32.11%).
The Development was originally underwritten and approved based on a total site area of 5.737 acres. Following planning and new surveying, it was determined that the acreage totaled 6.284 acres and was split into two tracts of 2.389 acres and 3.895 acres. The Development will be on the 3.895-acre tract, and the 2.389-acre tract will be donated to the City of Bastrop (City) upon closing with no monetary exchange. All required parking, accessible routes, and site amenities are located on the retained 3.895-acre tract. The 2.389 acres to be donated to the City is undevelopable land consisting primarily of floodplain, detention, and open space area not required for the Development.
The Development will continue to consist of the same single three-story senior housing building, with the same unit count, unit mix, and unit types originally approved. The net rentable area remains unchanged at 40,592 square feet, and there are no changes to the building or unit configuration.
The requested amendment does not materially alter the Development.
Staff recommends approval of the requested material amendment to the Application.