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Presentation, discussion, and possible action regarding a Material Application Amendment to the Housing Tax Credit Application, changes to the ownership structure, and a waiver of 10 TAC ?11.9(b)(2)(A) for 930 Military Parkway Living (HTC #24023)
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RECOMMENDED ACTION
recommendation
WHEREAS, 930 Military Parkway Living (the Development) received a 9% Housing Tax Credit (HTC) award in 2024 for the construction of 111 units, of which 88 are designated as low income units, in Mesquite, Dallas County;
WHEREAS, due to the need to fill a funding gap, which is expected to be filled by obtaining Multifamily Direct Loan (MFDL) funding from the Department, 930 Military Parkway Living, Ltd. (the Applicant) requests approval to change the income and rent restrictions in order to qualify for the National Housing Trust Fund loan;
WHEREAS, the income targeting of the Development had to shift significantly to make way for 10 additional units restricted at the higher of the poverty line or 30% of Area Median Income (AMI), decrease the number of market units from 23 to 16, and still maintain an average income of 54% or lower, as per 10 TAC ?13.3(d)(2)(a), if average income is elected no more than 15% of the total units can be designated market rate and still remain eligible for MFDL funds;
WHEREAS, in lieu of a Parkland Dedication fee, the City of Mesquite (the City) has agreed to the donation of an undeveloped parcel of 3.992 acres as parkland, which will result in a 45.72% decrease to the acreage of the Development, from 8.732 acres to 4.74 acres, and an 84.22% increase to the residential density, going from 12.71 units per acre to 23.42 units per acre;
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 Applicant has complied with the amendment requirements therein;
WHEREAS, to improve the financial feasibility of the Development...
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