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Presentation, discussion, and possible action regarding a material amendment to the Housing Tax Credit Application for Azalea Trails (HTC #22312)
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RECOMMENDED ACTION
recommendation
WHEREAS, Azalea Trails (the Development) received a 9% Housing Tax Credit (HTC) award in 2022 for the acquisition and rehabilitation of 72 multifamily units in Atlanta, Cass County;
WHEREAS, Azalea Trails Apartments, LP (the Development Owner or Owner) is requesting approval for a 5.38% increase in the residential density as a result of a reduction in site acreage, from 7.891 acres to 7.488 acres, due to a discrepancy between the lot sizes noted between the appraisal reports and an updated ALTA survey;
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, affect the HTC recommendation, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Azalea Trails is approved as presented to this meeting, and the Executive Director and his designees are hereby, authorized, empowered, and directed to take all necessary action to effectuate the foregoing.
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BACKGROUND
Azalea Trails formerly known as Country Place Apartments received a 9% HTC award in 2022 for the acquisition and rehabilitation of 72 multifamily units in Atlanta, Cass County. At Application, the Development was legally four separate entities that would consolidate into one entity and continue to be operated and managed as one property with 7.891 acres. Country Place I and II (4.622 acres) were built in 1980 and consist of 36 two-bedroom units. Country Place III and Country Place IV (3.269 acres) were built in 19...
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