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Presentation, discussion, and possible action regarding a Material Amendment to the Land Use Restriction Agreement for The Heights at 8721 (HTC #20486)
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RECOMMENDED ACTION
recommendation
WHEREAS, The Heights at 8721 formerly known as Old Manor Senior (the Development) received a 4% Housing Tax Credit (HTC) award in 2020 for the new construction of 207 multifamily units, all of which are designated as low-income units, for the elderly, in Austin, Travis County;
WHEREAS, ECG Old Manor, LP (the Development Owner or Owner) represented at application and also executed a Land Use Restriction Agreement (LURA) reflecting a limitation for the elderly population;
WHEREAS, due to severe and ongoing occupancy challenges attributed largely to the elderly demographic restriction, the Development Owner requests to amend LURA to remove the current elderly restriction and instead allow for general occupancy for all ages with all committed incomes and rent limits remaining in place;
WHEREAS, 10 TAC ?10.405(b)(2)(C) requires approval by the Board if there is a change to the Target Population; and
WHEREAS, the Development Owner has complied with the amendment requirements in 10 TAC ?10.405(b), including holding a public hearing;
NOW, therefore, it is hereby.
RESOLVED, that the requested material LURA amendment for The Heights at 8721 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
The Heights at 8721 formerly known as Old Manor Senior received a 4% Housing Tax Credit (HTC) award in 2020 for the construction of 207 multifamily units, in Austin, Travis County. All the units in the Development are low-income units, and the target population is the elderly. The Elderly Limitation requirement in the LURA is the following:
* As determined by the HUD Secretary, is specifically designed and operated to assi...
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