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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Green Oaks (HTC #19417)
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RECOMMENDED ACTION
recommendation
WHEREAS, Green Oaks (the Development) received a 4% Housing Tax Credit (HTC) award in 2019 for the new construction of 177 multifamily units in Houston, Harris County;
WHEREAS, AMTEX Green Oaks Fund, LP (the Development Owner or Owner) is requesting approval for a 19.95% decrease in the residential density, going from 25.50 units per acre to 20.42 units per acre, as a result of an increase in site acreage from 6.94 acres to 8.67 acres;
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 and would not have adversely affected the selection of the Application;
NOW, therefore, it is hereby
RESOLVED, that the requested material amendment to the Application for Green Oaks is approved as presented to this meeting, and the Executive Director and his designees are hereby, authorized, empowered, and directed to take all necessary action to effectuate the foregoing.
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BACKGROUND
Green Oaks received a 4% HTC award in 2019 for the new construction of 177 multifamily units in Houston, Harris County. In a letter dated March 7, 2024, Lisa Davis, representative for the Owner, requested approval for a change in residential density noted in the original Application. The Owner was required to purchase two parcels of land, Tract 1 (6.94 acres) and Tract 2 (1.73 acres), for a total of 8.67 acres. However, the Owner indicated only Tract 1 would be used for the Development, and therefore, requested to exclude Tract 2 from the Land Use Restriction Agreement (LURA). As a result, the acquisition price was p...
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