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Presentation, discussion, and possible action regarding a Material Amendment to the Land Use Restriction Agreement for Ekos City Heights (HTC #20701)
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RECOMMENDED ACTION
recommendation
WHEREAS, Ekos City Heights (the Development) received a 4% Housing Tax Credit (HTC) award in 2020 for the new construction of 179 multifamily units, all of which are designated as low-income units and a target population of Elderly, in Austin, Travis County;
WHEREAS, MHP City Heights, Ltd. (the Development Owner or Owner) represented at application and also executed a Land Use Restriction Agreement (LURA) reflecting a limitation for the elderly population;
WHEREAS, due to severe and ongoing occupancy challenges attributed largely to the elderly demographic restriction, the Development Owner requests to amend LURA to remove the current elderly restriction and instead allow for general occupancy for all ages with all committed incomes and rent limits remaining in place;
WHEREAS, 10 TAC ?10.405(b)(2)(C) requires approval by the Board if there is a change to the Target Population; and
WHEREAS, the Development Owner has complied with the amendment requirements in 10 TAC ?10.405(b), including holding a public hearing;
NOW, therefore, it is hereby.
RESOLVED, that the requested material LURA amendment for Ekos City Heights 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 foregoing.
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BACKGROUND
Ekos City Heights received a 4% Housing Tax Credit (HTC) award in 2020 for the construction of 179 multifamily units, in Austin, Travis County. All the units in the Development are low-income units, and the target population is the elderly. The Elderly Limitation requirement in the LURA is the following:
* As determined by the HUD Secretary, is specifically designed and operated to assist elderly persons as defined in and provided under any...
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