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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for The Hudson at Pecan Creek (HTC #22432)
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RECOMMENDED ACTION
recommendation
WHEREAS, The Hudson at Pecan Creek (Development) received an award of 4% Housing Tax Credits (HTCs) in 2022 for the new construction of 285 multifamily units in Denton, Denton County;
WHEREAS, THF Pathway on Woodrow, LP (Development Owner or Owner) requests approval for a change in the unit mix, resulting in an increase in the number of one-bedroom units from 108 to 114 units and a decrease in the number of two-bedroom units from 114 to 108 units, while maintaining the total number of three- and four-bedroom units at 45 and 18, respectively;
WHEREAS, the Owner also requests to correct the Common Area from 76,646 square feet at Application to 59,883 square feet, which is a decrease of 16,763 square feet (21.87%);
WHEREAS, Board approval is required for a modification of the bedroom mix of units and for a reduction of 3% or more in the square footage of common areas as directed in Tex. Gov't Code ?2306.6712(d)(2) and (4) and 10 TAC ?10.405(a)(4)(B) and (D), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes to the bedroom mix and common area do not materially alter the Development in a negative manner, would not have adversely affected the selection of the Application, and do not impact the viability of the transaction;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for The Hudson at Pecan Creek 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
The Hudson at Pecan Creek received an award of 4% Housing Tax Credits in 2022 for the new construction of 285 multifamily units in Denton, Den...
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