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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application, changes to the ownership structure, and a waiver of 10 TAC ?11.9(b)(2)(A) for Avanti Legacy del Sol (HTC #23015)
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RECOMMENDED ACTION
recommendation
WHEREAS, Avanti Legacy del Sol (Development) received a 9% Housing Tax Credit (HTC) award in 2023 for the new construction of 84 multifamily units for the elderly population in Brownsville, Cameron County;
WHEREAS, Avanti Legacy del Sol, LP (Applicant) requests approval for reductions of all units sizes, which would result in a 3.03% reduction to the Net Rentable Area, from 70,719 square feet to 68,573 square feet;
WHEREAS, the Applicant also requests approval for a significant modification of the architectural design, which includes but is not limited to a 34.70% (8,775 square feet) decrease in the common area from 25,290 square feet to 16,515 square feet, removal of all balconies, and removal of the pool to be replaced by more affordable outdoor amenities such as a picnic area and bocce ball court;
WHEREAS, Board approval is required for a reduction of 3% or more in the square footage of the units or common areas and for a significant modification of the architectural design of the Development, as directed in 10 TAC ?10.405(a)(4)(D) and (E) and in Tex. Gov't Code ?2306.6712(d)(4) and (5), and the Applicant has complied with the amendment requirements therein;
WHEREAS, to improve the financial feasibility of the Development by obtaining a property tax exemption, the Applicant is seeking to replace H4 Development, Inc., a Historically Underutilized Business (HUB), with Brownsville Housing Opportunity Corporation as the new sole member of a new General Partner, Avanti Legacy del Sol BHOC GP, LLC, and to add a new Special Limited Partner that has as members H4 Development, Inc. and Tamez Landholdings, LLC;
WHEREAS, the HTC Application for the Development received two points for agree...
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