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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Carver Ridge (HTC #21177/#22839/#23942)
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RECOMMENDED ACTION
recommendation
WHEREAS, Carver Ridge (Development) received an award of 9% Housing Tax Credits (HTCs) in 2021, was approved for a reallocation of credits under Force Majeure in 2022 (HTC #22839), and was awarded Supplemental Credits in 2023 (HTC #23942) to construct 60 multifamily units, 48 of which all are low-income units, in Hutto, Williamson County;
WHEREAS, Carver Ridge Apartments, LP (the Development Owner or Owner) is requesting approval for a 6.76% decrease in the residential density, going from 8.547 units per acre to 7.969 units per acre, as a result of an increase in site acreage, from 7.02 acres to 7.529 acres, due to a change in construction of a Right of Way (ROW);
WHEREAS, Board approval is required for a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(6) and 10 TAC ?10.405(a)(4)(F), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested change does not materially alter the Development in a negative manner, affect the HTC recommendation, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Carver Ridge is approved as presented to this meeting, and the Executive Director and his designees are hereby, authorized, empowered, and directed to take all necessary action to effectuate the foregoing.
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BACKGROUND
Carver Ridge received an award of 9% Housing Tax Credits in 2021, was approved for a reallocation of credits under Force Majeure in 2022 (HTC #22839), and was awarded supplemental credits in 2023 (HTC #23942) to construct 60 multifamily units, 48 of which are low-income units, in Hutto, Williamson County. In a letter dated April 29, 2024,...
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