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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Clifton Riverside (HTC #21078/22836/23918)
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RECOMMENDED ACTION
recommendation
WHEREAS, Clifton Riverside (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2021, a Force Majeure reallocation of credits in 2022, and Supplemental Credits in 2023 for the new construction of 94 units for the general population in Fort Worth, Tarrant County;
WHEREAS, after award, and during the financing due diligence period, work began to release an easement held by the Tarrant Regional Water District (TRWD), which restricted the development of a portion of the land originally submitted in the tax credit application, and in exchange for the 0.678-acre of the site that was within the 100-year floodplain on the western side of the Development, TRWD agreed to a release of the easement on the property site allowing for the development to proceed;
WHEREAS, OPG Clifton Riverside Partners, LP (the Development Owner or Owner) requests approval to decrease the size of the Development site from 2.939 acres identified at Application to 2.261 acres, which is a decrease of 0.678-acre and results in a 29.99% increase in residential density, from approximately 31.984 units per acre to 41.575 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 Owner has complied with the amendment requirements therein; and
WHEREAS, the requested change does not materially alter the Development in a negative manner, was not reasonably foreseeable or preventable by the Owner at the time of Application, and would not have adversely affected the selection of the Application; and
NOW, therefore, it is hereby
RESOLVED, that the requested amendment of the Application for Clifton Riverside is approved as presented at this...
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