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Presentation, discussion, and possible action on Inducement Resolution No. 25-007 for Multifamily Housing Revenue Bonds regarding authorization for filing an application for private activity bond authority for Fiji Lofts (#21608)
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RECOMMENDED ACTION
recommendation
WHEREAS, a supplemental bond application For Fiji Lofts was submitted to the Department for consideration of an inducement resolution;
WHEREAS, at the Board meeting of November 10, 2021, Resolution No. 22-010 was approved authorizing the issuance of Multifamily Housing Revenue Bonds for Fiji Lofts, Series 2021;
WHEREAS, the applicant has cited unforeseen changes in circumstances following closing on the original Bonds, including increases in construction costs as well as a change in the design to construction an additional 30 affordable units, and has requested the Department issue additional tax-exempt bond financing for the Development as further described herein; and
WHEREAS, approval of the inducement will allow staff to submit an application to the Bond Review Board (BRB) for the issuance of a Certificate of Reservation associated with the Development;
NOW, therefore, it is hereby
RESOLVED, that based on the foregoing, Inducement Resolution No. 25-007 to proceed with the application submission to the BRB for possible receipt of State Volume Cap issuance authority under the Private Activity Bond Program for the supplemental bond application for Fiji Lofts is hereby approved in the form presented to this meeting.
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BACKGROUND
General Information: The BRB administers the annual private activity bond authority for the State of Texas. The Department is an issuer of Private Activity Bonds and is required to induce an application for bonds prior to the submission to the BRB. Approval of the inducement resolution does not constitute approval of the development but merely allows the Applicant the opportunity to move into the full application phase of the process. Once the applic...
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