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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Centerpoint Commons (HTC #24400)
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RECOMMENDED ACTION
recommendation
WHEREAS, Centerpoint Commons (Development) received an award of 4% Housing Tax Credits (HTCs) in 2024 for the new construction of 363 multifamily units in San Marcos, Hays County;
WHEREAS, SL Centerpoint Commons, LP (the Applicant) requests approval for a change in the unit mix due to requirements from the City of San Marcos (the City) not allowing four-bedroom units under its multifamily regulations and also requiring a minimum of 35% of units in affordable housing developments to be three-bedroom units;
WHEREAS, the Applicant requests approval to lease the four-bedroom units as three-bedroom units with a den area without impacting the total number of units or impacting the overall income and rent restrictions;
WHEREAS, Board approval is required for a modification of the bedroom mix of units as directed in Tex. Gov't Code ?2306.6712(d)(2) and 10 TAC ?10.405(a)(4)(B), and the Applicant has complied with the amendment requirements therein; and
WHEREAS, the requested changes to the bedroom mix 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 Centerpoint Commons 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
Centerpoint Commons received an award of 4% Housing Tax Credits in 2024 for the new construction of 363 multifamily units, all of which are low-income units, in San Marcos, Hays County. In a letter dated September 16, 2024, Lora Myrick, on behalf of the ...
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