title
Presentation, discussion, and possible action regarding a loan and a request for return and reallocation of tax credits under 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events for 305 E Round Grove Living
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RECOMMENDED ACTION
recommendation
WHEREAS, the above listed development was awarded 9% housing tax credits during the 2023 competitive Application round;
WHEREAS, staff executed a Carryover Allocation Agreement with the Development Owner, which included certifications from the Development Owner that each building for which the allocation was made would be placed in service by December 31, 2025;
WHEREAS, the Department received a request from the Development Owner to extend the placement in service deadline under the provisions of 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events;
WHEREAS, other than in situations covered by force majeure, the Department lacks authority to extend federal deadlines for placement in service;
WHEREAS, the Development Owner has presented evidence that relief under force majeure is appropriate; and
WHEREAS, the Owner has applied for $4,438,911 in HOME funds under the 2024-2 Notice of Funding Availability (NOFA), for which staff is recommending approval;
NOW, therefore, it is hereby
RESOLVED, the requests for treatment under an application of the force majeure rule are approved, with the 2023 Qualified Allocation Plan and Uniform Multifamily Rules, and the 2024 Program Calendar applicable to the Development;
FURTHER RESOLVED, that the HOME loan in the amount of $4,438,911 is approved as described below, subject to conditions that may be applicable as found in the Real Estate Analysis Underwriting Report posted to the Department's website and as described within this Board Action Request; and
FURTHER RESOLVED, that the Board's approval is conditioned upon satisfaction of all conditions ofprevious participation, underwriting, and completion of any other reviews requ...
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