title
Presentation, discussion, and possible action regarding an appeal of the underwriting report for Culebra Apartments
end
RECOMMENDED ACTION
recommendation
WHEREAS, Culebra Apartments is a 2024 9% housing tax credit Application that requests $2,000,000 in tax credits for the New Construction of 88 affordable units in San Antonio;
WHEREAS, on November 5, 2024, the Real Estate Analysis Division issued an underwriting report that did not recommend the Application for funding because it did not meet financial feasibility requirements;
WHEREAS, the Applicant timely filed an appeal of that request, which was denied by the Executive Director; and
WHEREAS, the Applicant has requested that the appeal be heard by the Board, and staff does not recommend that the Board grant the appeal;
NOW, therefore, it is hereby
RESOLVED, that the appeal of the underwriting report for Culebra Apartments in hereby denied.
end
BACKGROUND
Culebra Apartments is a 2024 9% housing tax credit Application that was selected for review from the Waiting List as a result of another Application being withdrawn. The Application requests $2,000,000 in housing tax credits for the construction of 88 affordable units in San Antonio.
The Qualified Allocation Plan (QAP) establishes specific programmatic, financial, and underwriting requirements that must be met in order for an Application to be eligible for an award. The Department's review process involves two distinct processes. First, the Application is reviewed by the Multifamily Finance Division. During this first review, staff evaluates the Application for both threshold and scoring purposes. This part of the process also includes a basic review of key financial requirements, such as ensuring that the correct rent limits are being used, and that certain key financial components such as the assumed vacancy rate are within allowable thresholds. Once this process is successfully completed, the Application is transferred to the Real Estat...
Click here for full text