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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Land Use Restriction Agreement for Summit Senior Village (HTC #03159)
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RECOMMENDED ACTION
recommendation
WHEREAS, Summit Senior Village (Development) received an allocation of 9% Housing Tax Credits (HTCs) in 2003 for the new construction of 76 units for the elderly in Gainesville, Cooke County;
WHEREAS, the Land Use Restriction Agreement (LURA) for the Development states that throughout the 15-year Compliance Period, which ended on December 31, 2020, the Development must be a project which is solely occupied by persons 62 years of age or older, or at least 80% of the units in the Development must be operated for occupancy by at least one person 55 years or age or older per unit;
WHEREAS, MAEDC Gainesville Seniors, L.P. (Development Owner or Owner) has continued to operate the Development as restricted for the elderly and requests approval to extend the elderly designation throughout the 40-year affordability period; and
WHEREAS, 10 TAC ?10.405(b)(2)(C) states that changes to the Target Population are material amendments to the Land Use Restriction Agreement (LURA);
NOW, therefore, it is hereby
RESOLVED, that the Board approves the amendment to the LURA of Summit Senior Village to extend the elderly restriction throughout the term of the LURA as presented at 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
Summit Senior Village received an allocation of 9% Housing Tax Credits in 2003 for the new construction of 76 units, of which 68 units are designated as low-income, for the elderly in Gainesville, Cooke County. The LURA for the Development states that throughout the 15-year Compliance Period, which ended on December 31, 2020, the Development must be a project which is solely occupied by persons 62 years of age o...
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