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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Las Fuentes (HTC #25053)
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RECOMMENDED ACTION
recommendation
WHEREAS, Las Fuentes (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2025 for the construction of 105 multifamily units for the elderly population in Mission, Hidalgo County;
WHEREAS, RST Las Fuentes, LP (Applicant) requests approval for a significant modification of the site plan and architectural design, including an increase from two residential buildings and one common areas building to five residential buildings and one common areas building, a decrease in the common area of 3,033 square feet, or 15.33%, from 19,788 square feet to 16,755 square feet, and a decrease in the parking count of 36 spaces, or 14.63%, from 246 open parking spaces to 210 open spaces;
WHEREAS, Board approval is required for a significant modification of the site plan, a reduction of 3% or more in the square footage of the Units or common areas, and a significant modification of the architectural design of the Development as directed in Tex. Gov't Code ?2306.6712(d)(1), (4), and (5), and in 10 TAC ?10.405(a)(4)(A), (D), and (E), and the Applicant has complied with the amendment requirements therein; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or impact the HTC award;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Housing Tax Credit Application for Las Fuentes 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
Las Fuentes was approved for a 9% HTC award in 2025 for the construction of 105 units of multifamily housing for the elderly population in Mission, Hidalgo...
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