title
Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Laurel Flats (HTC #20167)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Laurel Flats (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2020 for the acquisition and rehabilitation of 88 low-income units in Tyler, Smith County;
WHEREAS, OPG Laurel Flats Partners, LLC (the Development Owner or Owner) requests approval for a reduction in the Common Area from 28,114 square feet to 962 square feet, representing a reduction of 27,152 square feet or 96.58% from the Common Area represented in the Architect Certification at Application;
WHEREAS, Board approval is required for a reduction of 3% or more in the square footage of the Common Area as directed in Tex. Gov't Code ?2306.6712(d)(4) and 10 TAC ?10.405(a)(4)(D), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or affect the amount of funding awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Laurel Flats is approved as presented at this meeting, and the Executive Director and his designees are each hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
end
BACKGROUND
Laurel Flats received an award of 9% Housing Tax Credits in 2020 for the acquisition and rehabilitation of 88 low-income units in Tyler, Smith County. The rehabilitation of the Development has been completed, and the Owner has submitted the cost certification documentation. Upon review of the cost certification, staff identified a change in the square footage of the Common Area from what was represented at Application. Subsequently, in a letter dated May 6, 2024, April Engstrom, the Owner representative, requested approval for a reduction in the...
Click here for full text