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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Estelle Village (HTC #22408)
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RECOMMENDED ACTION
recommendation
WHEREAS, Estelle Village (the Development) received an award of 4% Housing Tax Credits (HTCs) in 2022 for the acquisition and rehabilitation of 300 units for the general population in Dallas, Dallas County;
WHEREAS, Estelle Community Partners, LP (the Development Owner or Owner) requests approval for a reduction in the Common Area from 8,049 to 5,458 square feet, representing a reduction of 2,591 square feet or 32.19% from the Common Area represented in the Architect Certification at Application;
WHEREAS, Board approval is required for a reduction of 3% or more in the square footage of the Common Area as directed in Tex. Gov't Code ?2306.6712(d)(4) and 10 TAC ?10.405(a)(4)(D), and the Owner 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 affect the amount of funding awarded;
NOW, therefore, it is hereby
RESOLVED, that the requested amendment for Estelle Village is approved as presented at this meeting, and the Executive Director and his designees are each hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing.
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BACKGROUND
Estelle Village received an award of 4% Housing Tax Credits in 2022 for the acquisition and rehabilitation of 300 units for the general population in Dallas, Dallas County. Rehabilitation of the Development has been completed, and the Owner has submitted the cost certification documentation. Upon review of the cost certification, staff identified a change in the square footage of the Common Area from what was represented in the Application. In a letter dated March 8, 2024, Seth Gellis, the Owner representative, requested approva...
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