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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Land Use Restriction Agreement for Valley Resaca Palms Apartments (HTC #95022)
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RECOMMENDED ACTION
recommendation
WHEREAS, Valley Resaca Palms Apartments (HTC #95022) received an allocation of 9% Housing Tax Credits (HTCs) in 1995 for the rehabilitation of 250 units for the elderly in Brownsville, Cameron County;
WHEREAS, the Land Use Restriction Agreement (LURA) for the Development states that throughout the 25-year Compliance Period, which ended on December 31, 2022, 80% of the units in the Development must be restricted to households in which at least one family member is 55 years or age or older;
WHEREAS, B.H. 2800 Ruben M. Torres Boulevard, L.P. (Development Owner or Owner) has continued to operate the Development as restricted for the elderly and requests approval to extend the elderly designation throughout the 40-year affordability period; and
WHEREAS, 10 TAC ?10.405(b)(2)(C) states that changes to the Target Population are material amendments to the Land Use Restriction Agreement (LURA);
NOW, therefore, it is hereby
RESOLVED, that the Board approves amendment to the LURA of Valley Resaca Palms Apartments to extend the elderly restriction throughout the term of the LURA 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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BACKGROUND
Valley Resaca Palms Apartments received an allocation of 9% Housing Tax Credits in 1995 for the rehabilitation of 250 units for the elderly in Brownsville, Cameron County. The LURA for the Development states that throughout the 25-year Compliance Period, which ended on December 31, 2022, 80% of the units in the Development must be restricted to households in which at least one family member is 55 years or age or older.
In a letter dated January 14, 2026, Laura Van Dyck, the r...
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