title
Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application and Land Use Restriction Agreement for Lakeview Pointe Senior Living (HTC #17435)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Lakeview Pointe Senior Living (the Development) received an award of 4% Housing Tax Credits (HTCs) in 2017 for the construction of 272 units of elderly housing in Rowlett, Dallas County;
WHEREAS, TX Lakeview Seniors, LP (the Development Owner or Owner) has applied for an allocation of tax-exempt volume cap under Priority 1b in 2025 and requests approval to change the rent and income restrictions for the Development by replacing 41 (15.07%) of the units at 60% of the Area Median Income (AMI) with 30% AMI units as a result of a supplemental bond allocation, which leaves 231 units at 60% AMI;
WHEREAS, a change to the income or rent restrictions is a material amendment to the Land Use Restriction Agreement (LURA) requiring approval from the Board under 10 TAC ?10.405(b)(2)(B), and the Owner has complied with the amendment requirements in 10 TAC ?10.405(b)(2);
WHEREAS, if the Board approves the requested amendment, the amount of tax credits currently forecasted by the Department (based on total costs and eligible basis not yet fully reviewed by a CPA) will be 93.91% ($1,393,913) greater than the HTC amount in the Determination Notice, which exceeds the 20% threshold for administrative approval by the Executive Director or designee and requires Board approval under 10 TAC ?10.401(d); and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, or impact the selection of the application for an award;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment for Lakeview Pointe Senior Living is approved as presented at this meeting, and the Executive Director and his designees are each authorized, directed, and empowered to take al...
Click here for full text