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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Reserve at Decatur (HTC #23046)
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RECOMMENDED ACTION
recommendation
WHEREAS, Reserve at Decatur (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2023 for the construction of 39 units for the elderly population in Decatur, Wise County;
WHEREAS, Reserve at Decatur LLC (the Applicant) requests approval for a reduction in the Common Area from 10,271 to 9,102 square feet, representing a reduction of 1,169 square feet or 11.38% from the Common Area represented at Application;
WHEREAS, the Applicant also requests approval for a reduction in the Net Rentable Area from 35,868 to 32,850 square feet, representing a reduction of 3,018 square feet or 8.41% from the Net Rentable Area represented at Application;
WHEREAS, Board approval is required for a reduction of 3% or more in the square footage of the units or common areas as directed in Tex. Gov't Code ?2306.6712(d)(4) and 10 TAC ?10.405(a)(4)(D), and the Applicant has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or affect the amount of funding awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Reserve at Decatur 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
Reserve at Decatur received an award of 9% Housing Tax Credits in 2023 for the new construction of 39 units for the elderly population in Decatur, Wise County. In a letter dated April 23, 2024, Sallie Burchett, the Applicant's representative, requested approval for a reduction in the Common Area and Net Rentable Area.
The Application originally identi...
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