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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Bluffview at Frederick Creek (HTC #22457)
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RECOMMENDED ACTION
recommendation
WHEREAS, Bluffview at Frederick Creek (the Development) received a 4% Housing Tax Credit (HTC) award in 2022 to construct 192 units of multifamily housing in Boerne, Kendall County;
WHEREAS, Roers Boerne Apartments Owner LLC (Development Owner or Owner) requests approval to decrease the size of the Development site from 10.05 acres to 7.26 acres, due to the dedication of 2.79 acres to meet parkland requirements, which results in a 38.43% increase in residential density from 19.104 units per acre to 24.446 units per acre;
WHEREAS, Board approval is required for a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(6) and 10 TAC ?10.405(a)(4)(F), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested change does not materially alter the Development in a negative manner, was not reasonably foreseeable or preventable by the Applicant at the time of Application, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment of the Application for Bluffview at Frederick Creek 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 Board's determination.
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BACKGROUND
Bluffview at Frederick Creek received a 4% Housing Tax Credit award in 2022 to construct 192 units of multifamily housing in Boerne, Kendall County. Construction of the Development is nearing completion, and a request for drafting of the Land Use Restriction Agreement (LURA) is currently being processed by the Department. During the drafting of the LURA, it was determined that a greater than 5% chan...
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