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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Sandoval (HTC #18426)
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RECOMMENDED ACTION
recommendation
WHEREAS, Sandoval (the Development) received a 4% Housing Tax Credit (HTC) award in 2018 to rehabilitate 224 units of multifamily housing in El Paso, El Paso County;
WHEREAS, EP Sandoval Two, LP (Development Owner or Owner) requests approval to decrease the size of the Development site from 15.71 acres to 13.66 acres, due to the identification of a prior dedication for right-of-way, which results in a 15.01% increase in residential density from 14.258 units per acre to 16.398 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, and the Owner has represented that it 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;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment of the Application for Sandoval 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 Board's determination.
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BACKGROUND
Sandoval (HTC #18426) received a 4% Housing Tax Credit (HTC) award in 2018 to rehabilitate 224 units, of which 222 are designated as low-income units, of multifamily housing in El Paso, El Paso County. Rehabilitation of the Development has been completed, and the cost certification documentation is currently under review by the Department.
Based on a review of the cost certification, it was determined that a greater than 5% change in...
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