title
Presentation, discussion, and possible action regarding the Department’s 2025-1 National Housing Trust Fund Notice of Funding Availability
end
RECOMMENDED ACTION
recommendation
WHEREAS, the Department currently has $20,033,361 available in National Housing Trust Fund (NHTF) that must be committed before August 3, 2025; and
WHEREAS, staff recommends prioritizing these funds in this 2025-1 Notice of Funding Availability (NOFA) in a manner that will allow the Department to meet various priorities, commitment and expenditure deadlines;
NOW, therefore, it is hereby
RESOLVED, that $20,033,361 in NHTF will be available for Applicants through this 2025-1 NOFA; and
FURTHER RESOLVED, the Executive Director and staff as designated by the Executive Director are authorized, empowered, and directed, for and on behalf of the Department to execute such documents, instruments and writings and perform such acts and deeds as may be necessary to effectuate the foregoing.
end
BACKGROUND
The 2025-1 NOFA announces the availability of Multifamily Direct Loan funds for Applications received between January 21, 2025, and June 1, 2025 (if sufficient funds remain).
If there are more requests for funding than funding available, staff is requesting the authority to suspend the NOFA or suspend Application Acceptance Dates for one or more set-asides within the NOFA and not accept any more applications by amending the NOFA, without further Board approval. Staff may again begin awarding Application Acceptance Dates if the applications under review are withdrawn, terminated, or recommended for less than the original request, if there is sufficient funding available.
Staff is also requesting to be able to add NHTF to this NOFA in the event that any funds become available, through either the termination of a previous application, the availability of program income, or other similar circumstances.
All Applications awarded under this NOFA will be subject to the requirements of 10 TAC Chapters 1, 2, and 13 - the Multifamily Direct Loan rule - and applicable sections of 10 TAC Chapter 11, the Qualified Allocation Plan. Applications layered with 9% Housing Tax Credits will be further required to meet Competitive HTC criteria set forth in 10 TAC Chapter 11. Applications layered with Private Activity Bond financing will also be subject to provisions of Chapter 12.