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Presentation, discussion and possible action regarding a waiver of 10 TAC ?11.101(b)(1)(A)(vii) of the Qualified Allocation Plan (QAP) relating to the percentage of efficiency and/or one-bedroom units for Oak Hill Lofts (#24495).
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RECOMMENDED ACTION
recommendation
WHEREAS, a 4% Housing Tax Credit application for Oak Hill Lofts was submitted to the Department on September 20, 2024;
WHEREAS, the unit mix includes more than 30% efficiency and/or one-bedroom units, which exceeds the threshold allowed in 10 TAC ?11.101(b)(1)(A)(vii) of the 2024 QAP, thus rendering the development ineligible;
WHEREAS, a waiver was previously considered and tabled by the Board at the Board meeting on October 10, 2024, pending submission to staff of application exhibits that reflect a unit mix that does not exceed 34% efficiency and/or one-bedroom units;
WHEREAS, application exhibits have been provided that reflect a unit mix of 33.33% efficiency and/or one-bedroom units; and
WHEREAS, based on discussion at the Board meeting of October 10, 2024, that reflected a desire to re-consider the waiver request pending submission of revised exhibits with a unit mix that does not exceed 34% efficiency and/or one-bedroom units, which is in-line with proposed changes to the 2025 QAP that increases this threshold to 35%, staff recommends the waiver be granted;
NOW, therefore, it is hereby
RESOLVED, that a waiver of ?11.101(b)(1)(A)(vii) of the 2024 QAP relating to the allowable percentage of efficiency and/or one-bedroom units for Oak Hill Lofts is hereby granted.
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BACKGROUND
General Information: Oak Hill Lofts is to be located in Austin, Travis County, and proposes the new construction of 90 units that will serve the general population. The Certificate of Reservation from the Bond Review Board was issued on August 8, 2024, under the Priority 3 designation, which does not require any specific restrictions on rent or income. The applicant has indicated that the developme...
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