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Presentation, discussion, and possible action regarding a Material Amendment to the Application for Riverview Manor (HTC #22159/23808, HOME #24505)
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RECOMMENDED ACTION
recommendation
WHEREAS, Riverview Manor (the Development) received a 9% Housing Tax Credit (HTC) award in 2022 with a Force Majeure reallocation in 2023 and Multifamily Direct Loan (MFDL) HOME funds in 2025 to construct 36 units of multifamily housing for the elderly in Kerrville, Kerr County;
WHEREAS, to remove the portion of the property that contains the floodway, Riverview Manor, L.P. (Development Owner or Owner) requests approval to decrease the size of the Development site from 2.17 acres to 1.486 acres, which results in a 46.03% increase in residential density from 16.590 units per acre to 24.226 units per acre;
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, was not reasonably foreseeable or preventable by the Owner at the time of Application, and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment of the Application for Riverview Manor is approved as presented at this meeting, and the Executive Director and his designees are each authorized, directed, and empowered to take all necessary action to effectuate the Board's determination.
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BACKGROUND
Riverview Manor received a 9% Housing Tax Credit (HTC) award in 2022 with a Force Majeure reallocation of credits in 2023 followed by an award of MFDL HOME funds in 2025 to construct 36 units of multifamily housing for the elderly, of which all units are designated as low-income units, in Kerrville, Kerr County. In a letter dated May 15, 2025, B...
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