title
Presentation, discussion, and possible action on a request for return and reallocation of tax credits under 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events for Skyline at Cedar Crest
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RECOMMENDED ACTION
recommendation
WHEREAS, Skyline at Cedar Crest was awarded 9% housing tax credits during the 2021 Competitive Housing Tax Credit cycle, and then received supplemental housing tax credits in 2023;
WHEREAS, the Development Owner executed a Carryover Allocation Agreement that included certifications stating each building receiving an allocation would be placed in service by December 31, 2025;
WHEREAS, the Development Owner has requested an extension to the placement in service deadline under 10 TAC ?11.6(5), related to Credit Returns Resulting from Force Majeure Events;
WHEREAS, the Department lacks authority to extend federal placement in service deadlines and may only reset such deadlines by requiring the credits to be returned and immediately reallocated to the Development, as permitted solely under the force majeure provision of the Qualified Allocation Plan (QAP); and
WHEREAS, the Development Owner has submitted documentation demonstrating that a qualifying force majeure event has occurred;
NOW, therefore, it is hereby
RESOLVED, that the request to treat the matter under the force majeure provisions of 10 TAC ?11.6(5) is approved, and that the 2021 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2025 Program Calendar shall be applicable to the Development.
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BACKGROUND
Development
Skyline at Cedar Crest
Target Population
General
HTC Award
$1,725,000
City
Dallas
Total Units
107
HTC Units
85
Initial Year of Award
2021
Extension Requested
Six months
Skyline at Cedar Crest is a 107-unit development located in Dallas, Dallas County. The development received an award of 9% housing tax credits in 2021, and then received supplemental housing tax credits in 2023, making the current deadline to place in service...
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