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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application, changes to the ownership structure, and a waiver of 10 TAC ?11.9(b)(2)(A) for Park at Dogwood (HTC #24079)
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RECOMMENDED ACTION
recommendation
WHEREAS, Park at Dogwood (Development) received an award of 9% Housing Tax Credits (HTCs) in 2024 for the new construction of 85 multifamily units for the general population in New Braunfels, Comal County;
WHEREAS, the HTC Application received two points for proposing a number of Low-Income Units at 20% greater than the subregion average of the 2022 and 2023 competitive rounds according to the 2024 Site Demographic Report;
WHEREAS, the 2024 Site Demographic Report shows that the 20% Benchmark for Urban Subregion 9, where this property is located, requires 85 units in order to qualify for the two points;
WHEREAS, Comal Partners, L.P. (Applicant) requests approval for a 10.59% reduction in the number of units from 85 to 76 units, with a decrease of nine one-bedroom units;
WHEREAS, this change would result in a revision to the rent and income restrictions from nine units at 30% Area Median Income (AMI), 34 units at 50% AMI, and 42 units at 60% AMI to eight units at 30% AMI, 31 units at 50% AMI, and 37 units at 60% AMI;
WHEREAS, the elimination of the nine units and slight changes to the unit sizes would result in a 9.96%, or 8,496 square feet, reduction in the Net Rentable Area, from 85,320 square feet to 76,824 square feet;
WHEREAS, the change would result in a significant modification of the architectural design and site plan, a 10.59% decrease in the residential density, going from 12.14 units per acre to 10.86 units per acre, and a reduction in the parking spaces and building configuration;
WHEREAS, the HTC Application also received two points for agreeing to include a certified Historically Underutilized Business (HUB) in the ownership structure of the General Partner and materiall...
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