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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application and a request for return and reallocation of tax credits under 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events for Gatesville Crossing (HTC #24224)
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RECOMMENDED ACTION
recommendation
WHEREAS, Gatesville Crossing (Development) received an award of 9% Housing Tax Credits (HTCs) in 2024 for the new construction of 32 multifamily units, 28 of which were designated as low-income units, for the general population in Gatesville, Coryell County;
WHEREAS, Gatesville Crossing, LP (Applicant) requests approval for a decrease of six units in the total number of units from 32 to 26, by removing all four market rate units and two low-income units to ensure financial feasibility, representing a reduction of 7.14% in the number of low-income units and a reduction of 18.75% in the overall number of units;
WHEREAS, the reduction in units would result in an 18.75% decrease in residential density, from 5.43 units per acre to 4.41 units per acre;
WHEREAS, the Applicant requests approval for changes to the architectural design of the Development, including a reduction to the Net Rentable Area (NRA) from 32,028 square feet to 25,308 square feet, which is a reduction of 6,720 square feet or 20.98%, and for a reduction in the Common Area from 5,206 square feet to 4,978 feet, representing a reduction of 228 square feet or 4.38%;
WHEREAS, Board approval is required for a modification of the number of Units or bedroom mix of the Units, a reduction of 3% or more in the square footage of the Units or Common Area, a significant modification of the architectural design, and a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(2), (4), (5), and (6) and 10 TAC ?10.405(a)(4)(B), (D), (E), and (F), and the Owner has complied with the amendment requirements therein;
WHEREAS, the requested ...
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