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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Lakeway Apartment Homes (HTC #19427)
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RECOMMENDED ACTION
recommendation
WHEREAS, Lakeway Apartment Homes (the Development) received an award of 4% Housing Tax Credits (HTCs) in 2019 for the construction of 180 units of general housing in Austin, Travis County;
WHEREAS, TX Lakeway Apartments, LP (the Development Owner or Owner) has applied for an allocation of tax-exempt volume cap under Priority 1b in 2025 and requests approval to change the rent and income restrictions for the Development by replacing 27 (15%) of the units at 60% of Area Median Income (AMI) with 30% AMI units as a result of a supplemental bond allocation, which leaves 153 units at 60% AMI;
WHEREAS, staff considered this a material modification requiring approval from the Board, and the Owner has complied with the amendment requirements under 10 TAC ?10.405(a);
WHEREAS, if the Board approves the requested amendment, the amount of tax credits currently forecasted by the Department (based on total costs and eligible basis not yet fully reviewed by a CPA) will be 150.19% ($1,797,797) greater than the HTC amount in the Determination Notice, which exceeds the 20% threshold for administrative approval by the Executive Director or designee and requires Board approval under 10 TAC ?10.401(d); and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, or impact the selection of the application for an award;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment for Lakeway Apartment Homes 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 foregoing; and
FURTHER RESOLVED, that following staff's review of the cost certification, if the amount of tax credi...
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