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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application, changes to the ownership structure, and a waiver of 10 TAC ?11.9(b)(2)(A) for Avanti Legacy Rosewood (HTC #22039/23804)
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RECOMMENDED ACTION
recommendation
WHEREAS, Avanti Legacy Rosewood (Development) received a 9% Housing Tax Credit (HTC) award in 2022 and was approved for a reallocation of credits under Force Majeure in 2023 (HTC #23804) for the new construction of 99 multifamily units, of which 96 are low-income units, for the elderly population in Laredo, Webb County;
WHEREAS, Avanti Legacy Rosewood, LP (Applicant) requests approval for a reduction in the number of units from 99 to 86, with an increase of one one-bedroom unit and decrease of 14 two-bedroom units, which would result in a 15.37% reduction to the Net Rentable Area, from 82,392 square feet to 69,728 square feet, and a 13.13% reduction in density, from 13.59 units per acre to 11.81 units per acre;
WHEREAS, the Applicant also requests a revision to the rent and income restrictions from 10 units at 30% Area Median Income (AMI), 20 units at 50% AMI, 66 units at 60% AMI, and three units at market rate to nine units at 30% AMI, 18 units at 50% AMI, 59 units at 60% AMI, and zero units at market rate;
WHEREAS, the Applicant also requests a significant modification of the architectural design, including an increase in floors of the sole residential building from three to four, a 14.92% (3,995 square feet) decrease in the Common Area from 26,769 square feet to 22,774 square feet, and a reduction in the parking spaces from 212, including eight carports, to 174, including 16 carports;
WHEREAS, Board approval is required for a modification to the number of units or bedroom mix of units, a reduction of 3% or more in the square footage of the units or common areas, a significant modification of the architectural design of the Development, and a modification of the residential ...
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