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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Sun Pointe (HTC #21130/23932)
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RECOMMENDED ACTION
recommendation
WHEREAS, Sun Pointe (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2021 and Supplemental Credits in 2023 to rehabilitate 146 units of multifamily housing in El Paso, El Paso County;
WHEREAS, EP Sun Pointe, LP (the Development Owner or Owner) requests approval for changes in the unit mix, replacing one one-bedroom and one three-bedroom units with two two-bedroom units; a 9,782 square foot (6.13%) reduction in the Net Rentable Area (NRA) from the NRA represented in the Application; and an increase in the size of the Development site from 10.21 acres to 10.8281 acres, which results in a 5.71% decrease in residential density from 14.30 units per acre to 13.48 units per acre;
WHEREAS, Board approval is required for a modification of the bedroom mix of units, for a reduction of 3% or more in the square footage of the units or common area, and for a modification of the residential density of at least 5%, as directed in Tex. Gov't Code ?2306.6712(d)(2), (4), and (6) and 10 TAC ?10.405(a)(4)(B), (D), and (F), and the Owner 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 Sun Pointe 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
Sun Pointe received an award of 9% Housing Tax Credits in 2021 and Supplemental Credits in 2023 to rehabilitate 146 units of multifamily housing originally constructed in 1973. Rehabili...
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