title
Presentation, discussion, and possible action regarding a Material Application Amendment to the Housing Tax Credit Application for 2910 Motley Senior Living (HTC #24030)
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RECOMMENDED ACTION
recommendation
WHEREAS, 2910 Motley Senior Living (the Development) received a 9% Housing Tax Credit (HTC) award in 2024 for the new construction of 133 units, of which 88 are designated as low-income units, for the elderly in Mesquite, Dallas County;
WHEREAS, due to the need to fill a funding gap, which is expected to be filled by obtaining Multifamily Direct Loan (MFDL) funding from the Department, 2910 Motley Senior Living, Ltd. (the Applicant) requests approval to change the Qualified Low Income Housing Development Election from Average Income to the set-aside requirement that specifies that at least 40% or more of the residential units must be both rent restricted and occupied by individuals whose income is 60% or less of the median gross income (i.e., 40% at 60% minimum set-aside election);
WHEREAS, one of the major factors in the City of Mesquite granting this incentive to the Development is the number of market units (33.8% of total units) being provided to the community, but per 10 TAC ?13.3(d)(2)(a), if average income is elected no more than 15% of the total units can be designated market rate and still remain eligible for MFDL funds;
WHEREAS, with a change to the 40% at 60% set-aside, the number of market rate units can remain the same, and the Development can be eligible for MFDL funds;
WHEREAS, Board approval is required for a request to implement a revised election under ?42(g) of the Code prior to filing of IRS Form(s) 8609 as directed by 10 TAC ?10.405(a)(4)(G), and the Applicant has complied with the amendment requirements therein; and
WHEREAS, the requested change does 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 h...
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