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Presentation, discussion, and possible action regarding appeals related to the 2024 9% Housing Tax Credit Round
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RECOMMENDED ACTION
recommendation
WHEREAS, Reserve at Woodland Heights is a 2024 9% Housing Tax Credit Application that requests $1,558,860 in Housing Tax Credits for the New Construction of 60 affordable Units in Lufkin, Angelina County;
WHEREAS, the Application was submitted with rents that were above the allowable limit for 12 two-bedroom Units, and when those rents are adjusted to the allowable limit, the Development no longer meets financial feasibility requirements;
WHEREAS, the Department issued a Real Estate Analysis Report that did not recommend the Application for an award of funding;
WHEREAS, the Applicant timely appealed this Report, and submitted new financial exhibits, as well as an updated loan term sheet and increased credit pricing with that appeal in order to support that the Development could be financially feasible if the Application were amended; and
WHEREAS, the amended financial terms and credit pricing represent a material change to the Application that exceeds the scope of an Administrative Deficiency;
NOW, therefore, it is hereby
RESOLVED, that the appeal for Reserve at Woodland Heights is hereby denied.
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BACKGROUND
The Reserve at Woodland Heights is a 2024 9% Housing Tax Credit Application that proposes the New Construction of 60 affordable Units in Lufkin, Angelina County. The Application includes 12 one-bedroom, 36 two-bedroom, and 12 three-bedroom Units. The Rent Schedule submitted by the Applicant with the Application incorrectly included the rent allowable for a three-bedroom Unit for 12 of the two-bedroom Units. Because this rent exceeds the allowable limit for two-bedroom Units, the Department issued an Administrative Deficiency for the Application on June 24, 2024, asking the Applicant to revise the Rent Schedule to be consistent with the allowable rents for each Unit size. The Applicant timel...
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