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Presentation, discussion, and possible action regarding a Material Amendment of the Housing Tax Credit (HTC) Application for Landmark on Cypress (HTC #25163)
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RECOMMENDED ACTION
recommendation
WHEREAS, Landmark on Cypress (Development) received an award of 9% Housing Tax Credits (HTCs) in 2025 for the adaptive reuse of a seven-story historic building to contain 49 multifamily units for the general population on a 0.9704 acre site in Abilene, Taylor County;
WHEREAS, OPG Cypress Partners, LLC (Applicant) requests approval to reduce the unit count from 49 units to 47 units, eliminating two market-rate units, change the unit mix from 12 efficiencies, 22 one-bedroom units and 15 two-bedroom units, to 12 efficiencies, 20 one-bedroom units and 15 two-bedroom units, and reduce the net rentable area by 3.85%, from 34,733 square feet to 33,396 square feet;
WHEREAS, Board approval is required for a modification of the number of units or bedroom mix of units, a reduction of three percent or more in the square footage of the units or common areas, and a significant modification of the architectural design of the Development as directed in Tex. Gov't Code ?2306.6712(d)(2), (4), and (5), and 10 TAC ?10.405(a)(4)(B), (D), and (E), 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 at the time of Application, and would not have adversely affected the selection of the Application for an award of Housing Tax Credits;
NOW, therefore, it is hereby
RESOLVED, that the requested Material Amendment of the Application for Landmark on Cypress 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
Landmark on Cypress in Abilene, the only Application in Urban Region ...
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