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Presentation, discussion, and possible action on a request for an extension of the previously approved deadline to Place in Service for Commons at St. Anthony's
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RECOMMENDED ACTION
recommendation
WHEREAS, the above listed development was awarded 9% housing tax credits during the 2020 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, 2022;
WHEREAS, the Board previously approved a request for force majeure treatment in 2021, that extended the deadline to be placed in service to December 31, 2023;
WHEREAS, the Board previously approved a request for force majeure treatment in 2022, that extended the deadline to be placed in service to December 31, 2024;
WHEREAS, the Board previously approved a request for force majeure treatment in 2024, that exended the deadline to be placed in service by six months to June 30, 2025, which is considerably earlier than the allowable federal deadline of December 31, 2026;
WHEREAS, the Applicant has requested that the Board amend its previous approval to allow for an additional six months; and
WHEREAS, the Development is certain to fail its deadline to place in service without this extension, which would render it ineligible to claim housing tax credits, and would be financially catastrophic to the project;
NOW, therefore, it is hereby
RESOLVED, that the previously approved deadline to place in service for Commons at St. Anthony's is amended to December 31, 2025.
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BACKGROUND
Commons at St. Anthony's is a 124-unit Adaptive Reuse Development that is nearing completion in Amarillo. The project proposes the conversion of a vacant hospital in Amarillo into a Development for seniors. The project was awarded Housing Tax Credits in 2020. For an award of 9% housing tax credit, the Applicant has unti...
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