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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application, changes to the ownership structure, and waiver of ?11.101(b)(1)(A)(vii) of the 2023 Qualified Allocation Plan for Cabana Design District (HTC #23100)
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RECOMMENDED ACTION
recommendation
WHEREAS, Cabana Design District (the Development) received an award of 9% Housing Tax Credits (HTCs) for the adaptive re-use of a former hotel into 160 multifamily units, of which 64 are low-income units, in Dallas, Dallas County;
WHEREAS, Cabana Design District LP (the Development Owner or Owner) requests approval for a material amendment to the Application for an increase to the number of units from 160 to 175, with the number of low-income units increasing from 64 to 70;
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 is required for a waiver of ?11.101(b)(1)(A)(vii) of the 2023 Qualified Allocation Plan (QAP), as the revised unit mix proposed by the Owner includes more than 30% efficiency and/or one-bedroom units;
WHEREAS, the Owner also requests approval for a change to the ownership structure involving the replacement of SSFP Cabana Design District LLC (49% interest), one of the members of the general partner, with Hunt Capital Partners, LLC (39.5% Interest), Cabana HCP, LLC (10.5% interest) and Finn Architecture and Design LLC (10.5% interest), while Sycamore Strategies, LLC (39.5% interest) will remain as a member and manager of the general partner;
WHEREAS, the Owner also requests approval for a change involving the Developer, as SSFD Cabana Design Dis...
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