title
Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Santa Fe Place (HTC #23178/24266)
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RECOMMENDED ACTION
recommendation
WHEREAS, Santa Fe Place (Development) received an award of 9% Housing Tax Credits (HTCs) as a forward commitment in 2023 for the new construction of 110 multifamily units, 98 of which are low-income units, for the general population in Lubbock, Lubbock County;
WHEREAS, KRS Santa Fe Place, LP (Applicant) requests approval for changes to the site plan and architectural design plans to ensure financial feasibility;
WHEREAS, the Applicant requests approval for a decrease in the total number of units from 110 to 90, by removing all 12 market rate units and eight HTC units, representing a reduction of 8.16% in the number of low-income units;
WHEREAS, the Applicant also requests approval for a reduction to the Net Rentable Area (NRA) from 102,995 square feet to 74,100 square feet, which is a reduction of 28,895 square feet or 28.05%, and for a reduction in the Common Area from 13,897 square feet to 12,088 feet, representing a reduction of 1,809 square feet or 13.02%;
WHEREAS, the redesign would also change the buildings' positioning on the site, though the site footprint itself will not be changing from Application, make the clubhouse part of one of the residential buildings, and the new plans no longer include a pool;
WHEREAS, Board approval is required for a significant modification of the site plan, a modification of the number of Units or bedroom mix of the Units, a reduction of 3% or more in the square footage of the Units or Common Area, a significant modification of the architectural design, and a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(1), (2), (4), (5), and (6) and 10 TAC ?10.405(a)(4)(A), (B), (D), (E), and (F), and the Owner has complied with the amendment requirements therein; and
WHEREAS, th...
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