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Presentation, discussion, and possible action regarding a Material Amendment to the Application for Cady Lofts (HTC #22274 / HOME ARP #23709)
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RECOMMENDED ACTION
recommendation
WHEREAS, Cady Lofts (Development) received an award of 9% Housing Tax Credits (HTCs) in 2022 and HOME ARP funding and a reallocation of tax credits under Force Majeure in 2023, and State Housing Tax Credits in 2024 for the new construction of 100 supportive housing multifamily units in Austin, Travis County;
WHEREAS, Cady Lofts, LLC (Development Owner or Owner) requests approval for a significant modification of the architectural design, including a change in configuration of the floor plan of the sole building, and a decrease in parking, resulting in no change in net rentable area and in an increase in the common area;
WHEREAS, Board approval is required for a significant modification of the site plan, a significant modification of the architectural design of the Development, as directed in Tex. Gov't Code ?2306.6712(d)(1) and (5), and in 10 TAC ?10.405(a)(4)(A) and (E), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or impact the funding award;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Cady Lofts 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 foregoing.
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BACKGROUND
Cady Lofts was approved for a 9% HTC award in 2022, Force Majeure in 2023, a HOME ARP award in 2023, and State Tax Credits in 2024 for the construction of 100 supportive housing units, all of which are designated as low-income units, in Austin, Travis County. Construction of the Development has been completed. In a letter dated October ...
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