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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for The Bryan (HTC #24168)
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RECOMMENDED ACTION
recommendation
WHEREAS, The Bryan (Development) received an award of 9% Housing Tax Credits (HTCs) in 2024 for the new construction of 113 multifamily units for the elderly population in Mission, Hidalgo County;
WHEREAS, Bryan Development LP (Applicant) requests approval for a 19.47% reduction in the number of units from 113 to 91 units, with a decrease of 13 one-bedroom units and elimination of the nine originally proposed two-bedroom units, resulting in all one-bedroom units;
WHEREAS, this change would result in a revision to the rent and income restrictions from 12 units at 30% Area Median Income (AMI), 23 units at 50% AMI, and 78 units at 60% AMI to 10 units at 30% AMI, 19 units at 50% AMI, and 62 units at 60% AMI;
WHEREAS, the elimination of the 22 units and slight changes to unit sizes would result in a 24.03%, or 18,971 square feet, reduction in the Net Rentable Area, from 78,962 square feet to 59,991 square feet
WHEREAS, at Application, the acreage of the Development site was 3.742 acres with an additional 0.2386-acre easement for site access, and this amendment proposes 3.16 acres with an additional 0.43-acre that will be nonexclusive access easements to the Development that will be shared with future development on the road frontage;
WHEREAS, these changes would result in a significant modification of the architectural design, a reduction of 4,046 square feet (11.16%) to the common area, a 10.72% decrease in the residential density, a reduction in the parking spaces, and modification of the building configuration;
WHEREAS, in addition to the above changes, Cesar Chavez Foundation is being added as a guarantor, and this entity is an affiliate of Rufino Contreras Affordable Housing Corp. Inc, the guarantor proposed in the Application;
WHEREAS, Board approval is requi...
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