title
Presentation, discussion, and possible action regarding a Material Amendment of the Housing Tax Credit Application of HTC #23013 The Laurel at Blackhawk.
end
RECOMMENDED ACTION
recommendation
WHEREAS, in 2023 the Board awarded 9% housing tax credits for the new construction of The Laurel at Blackhawk (the Development), an Elderly Development in Houston, Harris County, as a single, three-story, elevator-served building containing 120 units on a 5.46 acre site;
WHEREAS, substantial increases in the cost of insurance, construction loan interest and permanent loan interest have made the Development financially infeasible as originally proposed, the applicant proposes to reduce costs by downsizing the Development from 120 units to 105 units by eliminating 15 market rate units while leaving in place all 89 of the originally proposed tax credit units and 16 of the original 31 market rate units;
WHEREAS, the downsizing will reduce the Development's Net Rentable Area by 12.1%, from 94,804 square feet to 83,291 square feet, Common Area will decline by 7.1%, from 32,292 square feet to 30,016 square feet, and residential density will decrease by 12.7%, from 22.0 units per acre to 19.2 units per acre;
WHEREAS, the proposed changes do not affect the number, unit mix, square footage or rent restrictions of the tax credit units, the changes reduce the original 17 one-bedroom and 14 two-bedroom market rate units to 8 units each;
WHEREAS, the Common Areas of the Development are reduced in size by eliminating 11% of the breezeway and stair areas, 5% of the maintenance area and 3% of the amenity center, the grille house areas increase in size by 16% and a 317 square foot amenity porch and 354 square foot delivery parcel area are added to the Development;
WHEREAS, the effects of the changes are presented to the Board for evaluation under ?2306.6712(d), particularly with respect to any negative effects from
* a modification of the number of units or bedroom mix of units;
* a ...
Click here for full text