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Presentation, discussion, and possible action regarding a material amendment to the Housing Tax Credit Application for Lalita Senior Living (HTC #22227)
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RECOMMENDED ACTION
recommendation
WHEREAS, Lalita Senior Living (Development) received an award of 9% Housing Tax Credits (HTCs) in 2022 for the new construction of 102 multifamily units, of which 86 units are low-income units, in Brownsville, Cameron County;
WHEREAS, VDC Minnesota Southmost, LP (Development Owner or Owner) requests approval for a reduction in the number of units from 102 to 78 with a decrease of 17 one-bedroom units, and decrease of seven two-bedroom units, which would result in a 22.28% reduction to the Net Rentable Area, from 87,873 square feet to 68,292 square feet;
WHEREAS, this change would result in a revision to the rent and income restrictions from nine units at 30% Area Median Income (AMI), 18 units at 50% AMI, 59 units at 60% AMI, and 16 units at market rate to eight units at 30% AMI, 16 units at 50% AMI, 54 units at 60% AMI, and zero units at market rate;
WHEREAS, the Owner also requests a significant modification of the architectural design, including elimination of one of two residential buildings, an increase in floors of the remaining residential building from three to four, a 20.79% decrease in the Common Area from 29,184 square feet to 23,116 square feet, a reduction in site area, and a reduction in the parking spaces;
WHEREAS, Board approval is required for a significant modification of the site plan, a modification to the number of units or bedroom mix of units, a reduction of 3% or more in the square footage of the units or common areas, a significant modification of the architectural design of the Development, and a modification of the residential density of the development of at least 5%, as directed in 10 TAC ?10.405(a)(4)(A), (B), (D), and (E) and in Tex. Gov't Code ?2306.6712(d)(1), (2), (4), and (5), and the Owner has complied with the amendment r...
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