title
Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Land Use Restriction Agreement for Winfield Estates (HTC #00001)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Winfield Estates (HTC #00001) received an allocation of 9% Housing Tax Credits (HTCs) in 2000 for the construction of 156 affordable units for the elderly in Texarkana, Bowie County;
WHEREAS, the Land Use Restriction Agreement (LURA) for the Development states that throughout the 15-year Compliance Period, which ended on December 31, 2016, the Development is intended for, and solely occupied by Persons 62 years of age or older; or is intended and operated for occupancy by at least one person who is 55 years of age or older per unit, where at least 80% of the total housing units are occupied by at least one person who is 55 years of age or older; and adhere to policies and procedures which demonstrate an intent by the owner and manager to provide housing for persons 55 years of age or older;
WHEREAS, Texas Winfield Estates LLP (Development Owner or Owner) has continued to operate the Development as restricted for the elderly and requests approval to extend the elderly designation throughout the 32-year extended use period; and
WHEREAS, 10 TAC ?10.405(b)(2)(C) states that changes to the Target Population are material amendments to the Land Use Restriction Agreement (LURA);
NOW, therefore, it is hereby
RESOLVED, that the Board approves amendment to the LURA of Winfield Estates to extend the elderly restriction throughout the term of the LURA 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.
end
BACKGROUND
Winfield Estates received an allocation of 9% Housing Tax Credits in 2000 for the construction of 156 units for the elderly in Texarkana, Bowie County. The LURA for the Development states that throughout the 1...
Click here for full text