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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for The Ashbourne (HTC #25073)
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RECOMMENDED ACTION
recommendation
WHEREAS, The Ashbourne (Development) received an award of 9% Housing Tax Credits (HTCs) in 2025 for the new construction of 72 multifamily units for the general population in Houston, Harris 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, the proposed HUB, Lapstone Holdings LLC, has elected to withdraw as a member of the General Partner and relinquish all rights and interest in the Development, and 9677 South Kirkwood Drive Propco, L.P. (the Applicant) is requesting approval to remove the requirement for participation by a HUB; and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, would not have affected the selection of the Application in the competitive round, or affect the amount of the tax credits awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment for The Ashbourne 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
The Ashbourne was approved for a 9% HTC award in 2025 for the construction of 72 units, all of which are designated as low-income units, of multifamily housing for the general population in Houston, Harris County. The HTC Application for the Development received two points because the Development was structured to include a Historically Underutilized Business (HUB) in the ownership structure that would have some combination of ownership inter...
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