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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Landing at San Felipe (HTC #23027)
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RECOMMENDED ACTION
recommendation
WHEREAS, Landing at San Felipe (Development) received an award of 9% Housing Tax Credits (HTCs) in 2023 for the new construction of 48 multifamily units, 45 of which were proposed as low-income units, for the general population in Edcouch, Hidalgo County;
WHEREAS, The Landing at San Felipe, LP (Development Owner or Owner) requests approval for an increase in the number of low-income units from 45 to all 48 of the units;
WHEREAS, the Owner also requests approval for changes to the architectural design of the Development to improve the quality of the Development, including an increase of 578 square feet (4.15%) to the Common Area and slight increases to the sizes of the units, resulting in a 1.59% or 882 square feet increase in the Net Rentable Area, from 55,333 square feet to 56,215 square feet;
WHEREAS, Board approval is required for a significant modification of the architectural design and for any other modification considered material by the staff as directed in Tex. Gov't Code ?2306.6712(d)(5) and (7) and 10 TAC ?10.405(a)(4)(E) and (I), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development or negatively impact the viability of the transaction and would not have adversely affected the selection of the Application or affect the HTC amount awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Landing at San Felipe is approved as presented at this meeting, and the Executive Director and his designees are each hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
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BACKGROUND
Landing at San Felipe was approved for a 9% HTC award in 2023 for the construction of 48 units, of which 45 were des...
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