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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Centro35 (HTC #22446)
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RECOMMENDED ACTION
recommendation
WHEREAS, Centro35 formerly known as 1800 Apartments (the Development) received a 4% Housing Tax Credit (HTC) award in 2022 to construct 330 units of multifamily housing in San Marcos, Hays County;
WHEREAS, 1800 Apartments Ltd. (Development Owner or Owner) requests approval to decrease the size of the Development site from 20.07 acres to 15.752 acres, due to the dedication of approximately 4.32 acres to public right of way, which results in a 27.41% increase in residential density, going from 16.442 units per acre to 20.950 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 to the Application for Centro35 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
Centro35 formerly known as 1800 Apartments received a 4% Housing Tax Credit award in 2022 to construct 330 units of multifamily housing in San Marcos, Hays County. Construction of the Development was completed in 2025, and during the review of the request to originate the Land Use Restriction Agreement (LURA), a change in acreage was identified and it was determined that a greater than 5% change in residential density ha...
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