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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Waterview Apartments (HTC #21414)
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RECOMMENDED ACTION
recommendation
WHEREAS, Waterview Apartments (the Development) received a 4% Housing Tax Credit (HTC) award in 2021 for the new construction of 300 units in Anna, Collin County;
WHEREAS, Anna Crossing Partners LP (the Development Owner or Owner) requests approval to change the Qualified Low Income Housing Development Election from Average Income to the set-aside requirement that specifies that at least 40% or more of the residential units must be both rent restricted and occupied by individuals whose income is 60% or less of the median gross income (i.e., 40% at 60% minimum set-aside election);
WHEREAS, Average Income has an administrative burden and risk of noncompliance with varying income levels, and lenders and syndicators have become increasingly unable to accept income averaging;
WHEREAS, with a change to the 40% at 60% set-aside and all of the units at 60% Area Median Income (AMI) to replace income averaging, the Owner was able to close with the lender and syndicator despite less favorable pricing terms;
WHEREAS, Board approval is required for a request to implement a revised election under ?42(g) of the Code prior to filing of IRS Form(s) 8609 as directed by 10 TAC ?10.405(a)(4)(G), and the Applicant has complied with the amendment requirements under 10 TAC ?10.405(a); and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or impact the HTC award;
NOW, therefore, it is hereby
RESOLVED, that the requested material application amendment for Waterview Apartments 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 foregoing.
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