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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for The Arbor at Centerbrook (HTC #14285)
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RECOMMENDED ACTION
recommendation
WHEREAS, The Arbor at Centerbrook (the Development) received an award of 9% Housing Tax Credits (HTCs) in 2014 for the construction of 80 multifamily units in the City of Live Oak, Bexar County;
WHEREAS, APC Live Oak I, Ltd. (the Development Owner or Owner) requests approval to remove a portion of land from the encumbrances of the Land Use Restriction Agreement (LURA);
WHEREAS, the proposed change includes decreasing the size of the site from 13.13 acres to 9.72 acres, which results in a 35.08% increase in residential density, going from 6.093 units per acre to 8.23 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, affect the HTC recommendation, and would not have adversely affected the selection of the Application in the Application Round;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for The Arbor at Centerbrook 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
The Arbor at Centerbrook received a 9% HTC award in 2014 to construct 80 units in the City of Live Oak, Bexar County. In a letter dated February 26, 2024, Howard D. Cohen, the representative for the Development Owner, requested approval for a material amendment to decrease the acreage of the Development site, which will result in the release of 3.41 acres of land from the encu...
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