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Presentation, discussion, and possible action regarding changes to the ownership structure and a waiver of 10 TAC ?11.9(b)(2)(A) for Parkside on Carrier (HTC #21093/23920)
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RECOMMENDED ACTION
recommendation
WHEREAS, Parkside on Carrier (Development) received a 9% Housing Tax Credit (HTC) award in 2021 and supplemental credits in 2023 for the new construction of 38 multifamily units for the elderly population in Grand Prairie, Dallas County;
WHEREAS, the HTC Application received two points for agreeing to include a certified Historically Underutilized Business (HUB) in the ownership structure of the General Partner and materially participating in the development and operation of the Development throughout the Compliance Period, and receiving a combination of ownership interest in the General Partner of the Owner, cash flow from operations, and developer fee which taken together equal at least 50% and no less than 5% for any category;
WHEREAS, Parkside on Carrier, L.P. (Development Owner or Owner) is seeking to revise the ownership structure by changing the current General Partner, JES Partnerships-Parkside, L.L.C., which is partly owned by a HUB, to a Special Limited Partner and adding a new General Partner, Parkside on Carrier GPHFC GP, L.L.C., an entity owned by the Grand Prairie Housing Finance Corporation, which will allow the Development to receive a property tax exemption;
WHEREAS, the Owner requests a waiver of the specific requirement in 10 TAC ?11.9(b)(2)(A) that states the HUB must have an ownership interest in the General Partner, allowing the Development to continue to qualify for the two points for Sponsor Characteristics with the HUB in the ownership structure of the Special Limited Partner and continuing to meet the intent of 10 TAC ?11.9(b)(2)(A) to have a HUB materially participate in the Development;
WHEREAS, the HUB will remain in the ownership structure as the sole member of Parkside HUB, L.L.C., the 40% member of the Spe...
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