title
Presentation, discussion, and possible action regarding a Material Amendment to the Land Use Restriction Agreement for Lake Ridge Apartments (HTC #16082)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Lake Ridge Apartments (Development) received an award of 9% Housing Tax Credits (HTCs) in 2016 for the acquisition and rehabilitation of 42 units for the elderly in Mabank, Kaufman County;
WHEREAS, the HTC Application received one point for agreeing to include a certified Historically Underutilized Business (HUB) in the ownership structure of the General Partner and materially participating in the development and operation of the Development throughout the Compliance Period, and this restriction is included in the Land Use Restriction Agreement (LURA) for the Development;
WHEREAS, due to challenges encountered in renewing the HUB certification for HVM 5G Development, LLC, the HUB identified in the LURA, with the Texas Comptroller, HVM 2016 Mabank, Ltd. (the Development Owner or Owner) is requesting approval for the removal of the HUB requirement from the LURA;
WHEREAS, the ownership structure or involvement of HVM 5G Development, LLC is not changing, and HVM 5G Development LLC will continue to serve as the General Partner but not as a HUB; and
WHEREAS, the requested change does not negatively affect the Development, impact the viability of the transaction, or affect the amount of the tax credits awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the LURA for Lake Ridge Apartments is approved as presented to this meeting, and the Executive Director and his designees are each authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
end
BACKGROUND
Lake Ridge Apartments was approved for a 9% HTC award in 2016 for the acquisition and rehabilitation of 42 units, all of which are designated as low-income units, of multifamily housing for the elderly population in Mabank, Kaufm...
Click here for full text