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Presentation, discussion, and possible action regarding a Material Amendment for Sunset Ridge formerly Green Manor Apartments (HTC #24261)
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RECOMMENDED ACTION
recommendation
WHEREAS, Sunset Ridge (Development) received an award of 9% Housing Tax Credits (HTCs) in 2024 for the new construction of 36 multifamily units for the general population in Burnet, Burnet County;
WHEREAS, the HTC Application received two points for agreeing to include a certified Historically Underutilized Business (HUB) in the ownership structure of the General Partner and materially participating in the development and operation of the Development throughout the Compliance Period;
WHEREAS, due to challenges encountered in renewing the HUB certification with the Texas Comptroller, HVM 2024 PT Burnet, LLC (the Applicant) is requesting the removal of the two points previously awarded for the participation of HVM Housing LLC, the proposed HUB, in the Application;
WHEREAS, the ownership structure or involvement of HVM Housing LLC is not changing, and HVM Housing LLC will continue to serve as the Managing Member but not as a HUB; and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, or affect the amount of the tax credits awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment for Sunset Ridge is approved as presented to 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
Sunset Ridge originally Green Manor Apartments was approved for a 9% HTC award in 2024 for the construction of 36 units, all of which are designated as low-income units, of multifamily housing for the general population in Burnet, Burnet County. The HTC Application for the Development received two points because the Development was structured to include a Historically Underutilized Busi...
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