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Presentation, discussion, and possible action on an extension of the development period and a waiver of 10 TAC ?13.11(c)(8) for Manor Place Town Apartments Phase 2
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RECOMMENDED ACTION
recommendation
WHEREAS, Manor Place Town Apartments Phase 2 executed a contract for $3,352,213 in National Housing Trust Fund (NHTF) funds, effective July 2, 2021, with an allowable Development Period of up to 36 months from the loan closing date,
WHEREAS, the final construction inspection has been requested, and upon issuance of that inspection report, the Owner will have 90 days to complete any required corrective action;
WHEREAS, this Development received funds from the Department's 2020 NHTF grant, which has an expenditure deadline of August 12, 2025, and the project must be closed out in HUD's online reporting system within 120 days of the final disbursement of funds;
WHEREAS, 10 TAC ?13.11(c)(8) requires that the final construction schedule be closed out prior to the final disbursement of funds, which is not possible given these deadlines;
WHEREAS, staff is requesting approval to extend the Development Period to December 1, 2025, and for a waiver of 10 TAC ?13.11(c)(8) to allow for the final disbursement of funds prior to the final construction inspection being closed; and
WHEREAS, such extension will not cause the Department to miss any federal deadlines, so long as the Owner follows the timeframes outlined below;
NOW, therefore, it is hereby
RESOLVED, staff is approved to extend the Development Period for Manor Place Town Apartments Phase 2 until December 1, 2025; and
FURTHER RESOLVED, that the waiver of 10 TAC ?13.11(c)(8) is approved, allowing for the final disbursement of funds prior to the closeout of the final construction inspection.
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BACKGROUND
Manor Place Town Apartments Phase 2 received a loan of $3,352,213 for the rehabilitation of a 20-unit affordable housing development in Manor, Travis County. The contract was effective July 2, 2021...
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