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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 Paige Estates
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RECOMMENDED ACTION
recommendation
WHEREAS, Paige Estates was awarded 9% housing tax credits during the 2021 Competitive Housing Tax Credit cycle, received supplemental housing tax credits in 2023, and was then approved for force majeure treatment by the Board in 2024, resulting in a current deadline to place in service by June 30, 2026;
WHEREAS, the current deadline to place in service is more restrictive than what is allowable federally, which would be December 31, 2026;
WHEREAS, the Owner has requested that the Board extend its previously approved deadline to December 31, 2026; and
WHEREAS, the Development Owner has submitted documentation demonstrating that such an extension is warranted;
NOW, therefore, it is hereby
RESOLVED, that the previously approved deadline to place in service for Paige Estates is extended to December 31, 2026.
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BACKGROUND
Development
Paige Estates
Target Population
Elderly
HTC Award
$1,290,300
City
Waco
Total Units
64
HTC Units
64
Initial Year of Award
2021
Extension Requested
Six months
Paige Estates is a 64-unit development located in Waco, McLennan County. The development received an award of 9% Housing Tax Credits in 2021, received supplemental credits in 2023, and was granted force majeure treatment by the Board in 2024. As a result, the current deadline to place in service is June 30, 2026.
Despite making significant progress, the development has experienced prolonged delays due to pandemic-related market disruptions and continued challenges related to financial feasibility. These delays, which previously warranted force majeure relief, have persisted into 2025. The following is a brief synopsis of the delays and the project's current status:
* Rising construction costs and fluctuating interest rates have created a financing gap requiring extensive restructuring;...
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