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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Cedar Brook Village (HTC #25074)
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RECOMMENDED ACTION
recommendation
WHEREAS, Cedar Brook Village (Development) received an award of 9% Housing Tax Credits (HTCs) in 2025 for the new construction of 96 multifamily units for the general population in Houston, Harris County;
WHEREAS, the HTC Application received two points for agreeing to include a certified Historically Underutilized Business (HUB) in the ownership structure of the general partner and materially participating in the development and operation of the Development throughout the Compliance Period;
WHEREAS, the proposed HUB, Lapstone Holdings LLC, has elected to withdraw as a member of the general partner and relinquish all rights and interest in the Development, and 7401 East Little York Road Propco, L.P. (the Applicant) is requesting approval to remove the requirement for participation by a HUB; and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, would not have affected the selection of the Application in the competitive round, or affect the amount of the tax credits awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment for Cedar Brook Village is approved as presented to this meeting, and the Executive Director and his designees are each authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
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BACKGROUND
Cedar Brook Village was approved for a 9% HTC award in 2025 for the construction of 96 units, all of which are designated as low-income units, of multifamily housing for the general population in Houston, Harris County. The HTC Application for the Development received two points because the Development was structured to include a Historically Underutilized Business (HUB) in the ownership structure that would have some combi...
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