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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Oleanders at Broadway (HTC #21418)
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RECOMMENDED ACTION
recommendation
WHEREAS, Oleanders at Broadway (the Development) received a 4% Housing Tax Credit (HTC) award in 2021 for the new construction of 348 units, of which 261 are low-income, of multifamily housing for the general population in Galveston, Galveston County;
WHEREAS, The Oleanders at Broadway, LP (Development Owner or Owner) requests approval to decrease the size of the Development site from 10.05 acres to 9.432 acres, which results in a 6.55% increase in residential density, going from 34.627 units per acre to 36.896 units per acre;
WHEREAS, the Owner is also requesting approval for a reduction in the Net Rentable Area from 328,267 square feet to 313,223 square feet, which represents a reduction of 15,044 square feet (4.58% decrease) from the Net Rentable Area represented at Application;
WHEREAS, Board approval is required for a reduction of 3% or more in the square footage of the units and for a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(4) and (6) and 10 TAC ?10.405(a)(4)(D) and (F), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not materially alter the Development in a negative manner, were not reasonably foreseeable or preventable by the Owner at the time of Application, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment of the Application for Oleanders at Broadway 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
Oleanders at Broadway received a 4% Housing Tax Credit (HTC) award in...
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