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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Palo Verde Senior Apartments (HTC #25013)
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RECOMMENDED ACTION
recommendation
WHEREAS, Palo Verde Senior Apartments (the Development) received an award of 9% Housing Tax Credits (HTCs) for the construction of 75 multifamily units for the elderly in Corpus Christi, Nueces County;
WHEREAS, Corpus Christi Huntwick Avenue LP (the Applicant) requests approval for a material amendment to the Application for a change to the architectural design, which also includes an increase to the number of units from 75 to 80, a reduction of 3,657 square feet (25.83%) to Common Area, and an increase to the Net Rentable Area (NRA);
WHEREAS, Board approval is required for a significant modification of the architectural design of the Development, a modification of the number of units or bedroom mix of units, and a reduction of 3% or more in the square footage of the units or common areas as directed in Tex. Gov't Code ?2306.6712(d)(2), (4), and (5) and 10 TAC ?10.405(a)(4)(B), (D), and (E), and the Applicant has complied with the amendment requirements therein;
WHEREAS, Board approval of this amendment does not constitute a waiver of any of the rules or statutes applicable to the 2025 HTC Application, including but not limited to the accessibility requirements stated in Chapter 1, Subchapter B; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or change the amount of the tax credits awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Palo Verde Senior Apartments is approved as presented at this meeting, and the Executive Director and his designees are each hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
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BACKGROUND
Palo Verde Senior Apartments received a 9% ...
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