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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Uvalde Villas (HTC #21039/22813/23909)
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RECOMMENDED ACTION
recommendation
WHEREAS, Uvalde Villas (the Development) received a 9% Housing Tax Credit (HTC) award in 2021, a Force Majeure reallocation of tax credits and a Multifamily Direct Loan HOME award in 2022, and supplemental credits in 2023 to construct 102 units, of which 96 are designated as low-income units, of multifamily housing in McAllen, Hidalgo County;
WHEREAS, TGO Uvalde 21, LP (Development Owner or Owner) requests approval to decrease the size of the Development site from 7.39 acres to 6.96 acres, due to a dedication for right-of-way required by the City of McAllen, which resulted in a 6.27% increase in residential density from 13.797 units per acre to 14.661 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 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 Uvalde Villas 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
Uvalde Villas (HTC/HOME #21039/22813/23909) received a 9% Housing Tax Credit (HTC) award in 2021, a Force Majeure reallocation of tax credits and a Multifamily Direct Loan HOME award in 2022, and supplemental credits in 2023 to construct 102 units, of which 96 are designated as low-income units, of multifamily housing in McAllen, Hidalgo County. Construction ...
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