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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Lost Oaks (HTC #23209)
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RECOMMENDED ACTION
recommendation
WHEREAS, Lost Oaks (the Development) received a 9% Housing Tax Credit (HTC) award in 2023 for the new construction of 78 units in Houston, Harris County;
WHEREAS, Lost Oaks, LP (the Applicant) requests approval to change the Qualified Low Income Housing Development Election from the requirement that specifies that at least 40% or more of the residential units must be both rent restricted and occupied by individuals whose income is 60% or less of the median gross income (i.e., 40% at 60% minimum set-aside election) to the Average Income set-aside;
WHEREAS, Board approval is required for a request to implement a revised election under ?42(g) of the Code prior to filing of IRS Form(s) 8609 as directed by 10 TAC ?10.405(a)(4)(G), and the Owner has complied with the amendment requirements under 10 TAC ?10.405(a); and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, or impact the tax credit award;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Lost Oaks 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.
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BACKGROUND
Lost Oaks was approved for a 9% HTC award in 2023 for the new construction of 78 units of multifamily housing in Houston, Harris County. The Applicant originally elected the set-aside requirement that specifies that at least 40% or more of the residential units must be both rent restricted and occupied by individuals whose income is 60% or less of the median gross income (i.e., 40% at 60% minimum set-aside election) as the Qualified Low Income Housing Development Election for the Development. The Development was underwritten bas...
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