title
Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application and a request for return and reallocation of tax credits under 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events for Athens Trails (HTC #24215)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Athens Trails (Development) received an award of 9% Housing Tax Credits (HTCs) in 2024 for the new construction of 57 multifamily units for the elderly in Athens, Henderson County;
WHEREAS, Athens Trails, LP (Applicant) requests approval for a 10.53% reduction in the number of units from 57 to 51 units, with a decrease of six one-bedroom units;
WHEREAS, this change would result in a revision to the rent and income restrictions from five units at 30% Area Median Income (AMI), 12 units at 50% AMI, and 40 units at 60% AMI to three units at 30% AMI, eight units at 50% AMI, and 40 units at 60% AMI;
WHEREAS, the elimination of the six units would result in a 9.14%, or 3,894 square feet, reduction in the Net Rentable Area, from 42,582 square feet to 38,688 square feet;
WHEREAS, the change would result in a 10.53% decrease in the residential density, going from 23.04 units per acre to 20.61 units per acre;
WHEREAS, there will also be a 5.54% reduction to the Common Area, from 10,100 to 9,540 square feet;
WHEREAS, Board approval is required for a reduction to the number of units or bedroom mix of units, a significant modification of the site plan, a reduction of 3% or more in the square footage of the units and common areas, a significant modification of the architectural design of the Development, and a modification of the residential density of at least 5% as directed in 10 TAC ?10.405(a)(4)(A), (B), (D), (E), and (F), and in Tex. Gov't Code ?2306.6712(d)(1), (2), (4), (5), and (6), and the Applicant has complied with the amendment requirements therein;
WHEREAS, the requested changes do not negatively affect the Development o...
Click here for full text