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Presentation, discussion, and possible action regarding a material amendment to the Housing Tax Credit Application for 380 Villas (HTC #22609)
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RECOMMENDED ACTION
recommendation
WHEREAS, 380 Villas (the Development) received an award of 4% Housing Tax Credits (HTCs), a multifamily direct loan, and private activity bonds for the new construction of 220 multifamily units in McKinney, Collin County;
WHEREAS, SDC Throckmorton Villas, LP (the Development Owner or Owner) requests approval for a material amendment to the Application for an increase to the number of units from 220 to 260;
WHEREAS, Board approval is required for a modification of the number of units or bedroom mix of units, a significant modification of the architectural design of the Development, and for a modification of the residential density of at least 5%, as directed in Tex. Gov't Code ?2306.6712(d)(2), (5), and (6) and 10 TAC ?10.405(a)(4)(B), (E), and (F), and the Owner has complied with the amendment requirements therein;
WHEREAS, Board approval of this amendment does not constitute a waiver of any of the rules or statutes applicable to the 2022 HTC Application, including but not limited to the accessibility requirements stated in Chapter 1, Subchapter B; and
WHEREAS, the requested changes do not negatively affect the Development, impact the viability of the transaction, impact the scoring of the Application, or change the amount of the tax credits awarded prior to cost certification;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for 380 Villas is approved as presented at this meeting, and the Executive Director and his designees are each hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing; and
FURTHER RESOLVED, that following staff's review of the cost certification, if the amount of tax credits determined to be necessary as required by ?42(m)(2)(D) exceeds 120% of the amount of tax credits reflected in t...
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