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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application for Pioneer Crossing (HTC #23152)
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RECOMMENDED ACTION
recommendation
WHEREAS, Pioneer Crossing (the Development) received a 9% Housing Tax Credit (HTC) award in 2023 to construct 49 units of multifamily housing for the elderly in Brownwood, Brown County;
WHEREAS, Brownwood Pioneer Crossing, LLC (Applicant) requests approval to decrease the size of the Development site from 9.42 acres to 7.81 acres, by deducting 0.49-acre identified as belonging to the Brown County Water Improvement District No. 1 and by removing an additional 1.12 acres that the seller requested to retain for the benefit of a neighbor, which results in a 20.61% increase in residential density from 5.20 units per acre to 6.27 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 Applicant 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 Applicant 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 Pioneer Crossing 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
Pioneer Crossing received a 9% Housing Tax Credit (HTC) award in 2023 to construct 49 units of multifamily housing for the elderly, of which 45 units are designated as low-income units, in Brownwood, Brown County. In a letter dated February 21, 2024, Lora Myrick, the representative for the Applicant,...
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