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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Regency Lofts (HTC #20097)
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RECOMMENDED ACTION
recommendation
WHEREAS, Regency Lofts (Development) received an award of 9% Housing Tax Credits (HTCs) in 2020 for the new construction of 120 multifamily units, of which 102 are low-income units, in Houston, Harris County;
WHEREAS, DWR Regency 20, LP (Development Owner or Owner) requests approval for a change in the unit mix, resulting in an increase in the number of one-bedroom units from 47 to 48 units, and a decrease in the number of two-bedroom units from 61 to 60 units, while maintaining the total number of units at 120;
WHEREAS, Board approval is required for a modification of the bedroom mix of units as directed in Tex. Gov't Code ?2306.6712(d)(2) and 10 TAC ?10.405(a)(4)(B), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes to the bedroom mix do not materially alter the Development in a negative manner, would not have adversely affected the selection of the Application, and does not impact the viability of the transaction;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Regency Lofts 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 Board's determination.
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BACKGROUND
Regency Lofts received an award of 9% Housing Tax Credits in 2020 for the new construction of 120 multifamily units, of which 102 are low-income units, in Houston, Harris County. The Development is complete, and all buildings were placed in service in 2022. During the review of the cost certification, it was discovered that there was a change to the original bedroom mix represented at Application. The Development was originally proposed with 47 one-bedroom units and...
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