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Presentation, discussion, and possible action regarding a Material Application Amendment to the Housing Tax Credit Application for Stella Haven (HTC #24146)
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RECOMMENDED ACTION
recommendation
WHEREAS, Stella Haven (the Development) received a 9% Housing Tax Credit (HTC) award in 2024 for the new construction of 88 units of multifamily housing in Denton, Denton County;
WHEREAS, due to the need to fill a funding gap, which is expected to be filled by obtaining Multifamily Direct Loan (MFDL) funding from the Department, Stella Haven, LP (the Applicant) requests approval to change the income and rent limit elections in order to continue to have an average income of 54% or lower and qualify for the National Housing Trust Fund loan, which requires 21 units at 30% of Area Median Income (AMI);
WHEREAS, because the City of Denton (the City) has requested the Applicant to preserve existing trees on the Development site and the parking requirement changed to one parking space per unit, the building footprint will be reduced and the number of parking spaces will decrease from 139 to 88;
WHEREAS, the Common Area will be reduced from 24,007 square feet at Application to 21,264 square feet, a reduction of 2,743 square feet or 11.43%;
WHEREAS, Board approval is required for a reduction of 3% or more in the square footage of common areas as directed by Tex. Gov't Code ?2306.6712(d)(4) and 10 TAC ?10.405(a)(4)(D), and the Applicant has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or impact the HTC award;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Stella Haven 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 foregoin...
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