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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Carson Crossings (HTC #22450)
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RECOMMENDED ACTION
recommendation
WHEREAS, Carson Crossings formerly known as Airport Gateway Apartments (the Development) received a 4% Housing Tax Credit (HTC) award in 2022 to construct 288 units, all of which are designated as low-income units, of multifamily housing in Austin, Travis County;
WHEREAS, to preserve this Development as set forth in the Application, after delays caused by a lengthy municipal permitting process coupled with significant cost escalations and a rapid rise in interest rates, Austin Gateway Apartments, LP (Development Owner or Owner) and its affiliates elected to build an overall master development under a single plan of financing, and as a result, the Owner requests approval to decrease the size of the Development site from 26.17 acres to 22.861 acres and to increase the number of units from 288 units to 592 units, without changing the number of low-income units, which results in a 135.31% increase in residential density, going from 11.01 units per acre to 25.90 units per acre;
WHEREAS, Board approval is required for a significant modification of the site plan, a modification of the number of units or bedroom mix of units, and a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(1), (2), and (6) and 10 TAC ?10.405(a)(4)(A), (B), and (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 Applicant at the time of Application, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Carson Crossings is approved as presented at this meeting, and ...
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