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Presentation, discussion, and possible action regarding material amendments to previous 9% Competitive Housing Tax Credit Applications to award State Housing Tax Credits and approval of the waiting list for 2024 State Housing Tax Credit Applications.
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RECOMMENDED ACTION
recommendation
WHEREAS, The Department is authorized to allocate State Housing Tax Credits (SHTC) of which $5 million is to be awarded to qualified developments that received an allocation of federal tax credits under the Qualified Allocation Plan (QAP) issued by the Department for 2021 or 2022 and $10 million is to supplement 2024 Competitive awards;
WHEREAS, as established in 10 TAC ?11.1008, the Department has prioritized applications proposing the most additional low income Units for households at or below 30% of AMGI relative to the State Housing Tax Credit Request; and
WHEREAS, as part of the process of awarding those credits, the affected Development Owners request approval for material amendments to add the State Housing Tax Credit as a source, revise other financing, and increase the number of 30% Units.
NOW, therefore, it is hereby
RESOLVED, that the list of recommended Applications for Final Certifications of State Housing Tax Credits and the 2024 SHTC Waiting List are hereby approved in the form presented at this meeting;
FURTHER RESOLVED, that the requested amendments are approved as presented at this meeting, and the Executive Director and his designees are hereby authorized, directed, and empowered to take all necessary action to effectuate the foregoing; and
FURTHER RESOLVED, that the Board's approval is conditioned upon the completion of underwriting and program review, the imposing of all conditions of underwriting, the imposing of the conditions resulting from staff review, the completion of any other reviews required to ensure compliance with the applicable rules and requirements for the State Housing Tax Credit Program, and any other special conditions...
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