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Presentation, discussion, and possible action regarding the issuance of a Determination Notice for 4% Housing Tax Credits for Creek Bend Apartments in San Antonio (#24478)
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RECOMMENDED ACTION
recommendation
WHEREAS, a 4% Housing Tax Credit application for Creek Bend Apartments, sponsored by Pedcor Investments and the San Antonio Housing Trust Public Facility Corporation, was submitted to TDHCA on July 22, 2024;
WHEREAS, a Certificate of Reservation was issued for the project on May 31, 2024, with an expiration date of November 27, 2024;
WHEREAS, letters of opposition for the proposed development have been received from State Senator Donna Campbell, State Representative Mark Dorazio, Bexar County Commissioner Grant Moody, and Superintendent of Schools for Comal ISD, Dr. John E. Chapman III;
WHEREAS, several letters of opposition were received from individual members of the community surrounding the proposed development site; and
WHEREAS, staff recommends approval of a Determination Notice for 4% Housing Tax Credits for Creek Bend Apartments;
NOW, therefore, it is hereby
RESOLVED, that the issuance of a Determination Notice of $4,972,498 in 4% Housing Tax Credits, subject to underwriting conditions that may be found in the Real Estate Analysis report posted to the Department's website for Creek Bend Apartments, is hereby approved in the form presented at this meeting.
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BACKGROUND
General Information: Creek Bend Apartments proposes the new construction of 312 units, serving the general population, to be located at 2335 E Borgfeld Drive in San Antonio, Bexar County. The Certificate of Reservation from the Bond Review Board was issued under the Priority 3 designation, which has no specific requirements in terms of rent and income restrictions. According to the submitted tax credit application, 16 units will be rent- and income-restricted at 30% of Area Median Family Income (AMFI), 254 units will be rent- and income-restricted at 60% of ...
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