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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Salazar Apartments (HTC #22487)
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RECOMMENDED ACTION
recommendation
WHEREAS, Salazar Apartments (the Development) received a 4% Housing Tax Credit (HTC) award in 2022 to rehabilitate 286 units of multifamily housing in El Paso, El Paso County;
WHEREAS, EP Salazar, LP (Development Owner or Owner) requests approval to decrease the size of the Development site from 21.68 acres to 16.225 acres, due to the discovery that the originally identified acreage included public right of ways (streets) that belong to the City of El Paso rather than the Development, which results in a 33.62% increase in residential density from 13.192 units per acre to 17.627 units per acre;
WHEREAS, Board approval is required for a modification of the residential density of at least 5% as directed in Tex. Gov't Code ?2306.6712(d)(6) and 10 TAC ?10.405(a)(4)(F), and the Owner has complied with the amendment requirements therein; and
WHEREAS, the requested change does not materially alter the Development in a negative manner, and the Owner has represented that it was not reasonably foreseeable or preventable by the Owner at the time of Application, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment of the Application for Salazar Apartments is approved 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 Board's determination.
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BACKGROUND
Salazar Apartments (HTC #22487) received a 4% Housing Tax Credit (HTC) award in 2022 to rehabilitate 286 units, all of which are designated as low-income units, of multifamily housing in El Paso, El Paso County. Rehabilitation of the Development has been completed, and a request to draft the Land Use Restriction ...
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