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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Pioneer Crossing (HTC #23152)
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RECOMMENDED ACTION
recommendation
WHEREAS, Pioneer Crossing (the Development) received a 9% Housing Tax Credit (HTC) award in 2023 to construct 49 units of multifamily housing for the elderly in Brownwood, Brown County;
WHEREAS, Brownwood Pioneer Crossing, LLC (Applicant) requests approval to decrease the size of the Development site from 9.42 acres to 7.81 acres, by deducting 0.49-acre identified as belonging to the Brown County Water Improvement District No. 1 and by removing an additional 1.12 acres that the seller requested to retain for the benefit of a neighbor, which results in a 20.61% increase in residential density from 5.20 units per acre to 6.27 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 Pioneer Crossing 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
Pioneer Crossing received a 9% Housing Tax Credit (HTC) award in 2023 to construct 49 units of multifamily housing for the elderly, of which 45 units are designated as low-income units, in Brownwood, Brown County. In a letter dated February 21, 2024, Lora Myrick, the representative for the Applicant, requested approval for a material amendment to the Application. The amendment is for a 20.61% increase in the residential density, from 5.20 units per acre to 6.27 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 9.42 to 7.81 acres, a reduction of 1.61 acres. The Applicant’s representative indicated that the reason for the amendment request is that they identified that the 9.42 acres represented in the Application included 0.49 acre that was previously deeded to the Brown County Water Improvement District No. 1. The correct acreage of the Development at Application was 8.93 acres. In addition, the Applicant requests to further reduce the Development by 1.12 acres in order to honor the seller’s request to withdraw from the contract a 1.12-acre area at the southeastern corner of the tract that is largely separated by a creek from the land to be developed. The seller asked to retain the 1.12 acre of land so that a neighbor’s past use of the area can continue in the future.
The reduced acreage required an update to the site plan, which moved the location of one of the residential buildings and the detention area. The change also resulted in some minor changes to the site plan that include: an increase to the parking spaces from 107 spaces to 110 spaces, an increase to the square footage of the two two-bedroom mobility accessible units from 870 square feet to 901 square feet, which increases the total net rentable area by 62 square feet, from 36,890 square feet to 36,952 square feet, and an increase in the area of the clubhouse from 2,477 square feet to 2,478 square feet. The slight change in the net rentable area and the square footage of the clubhouse are not considered material alterations. It should be noted that the total units, proposed unit mix, number of buildings, and proposed common amenities all remain unchanged. The enclosed table compares the site plan of the Development at Application and the revised site plan after the amendment.
The requested amendment does not materially alter the Development in a negative manner and would not have affected the selection of the Development for the HTC award. The Applicant’s representative indicated that there were no changes to the development costs as a result of the proposed changes.
Staff recommends approval of the requested material amendment to the Application.