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Presentation, discussion, and possible action on a request for return and reallocation of tax credits for Heights at Crowley
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RECOMMENDED ACTION
recommendation
WHEREAS, Heights at Crowley was awarded 9% housing tax credits during the 2023 Competitive Housing Tax Credit cycle;
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 2023 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2025 Program Calendar shall be applicable to the Development with a deadline to place in service of March 31, 2026.
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BACKGROUND
Development
Heights at Crowley
Target Population
General
HTC Award
$2,000,000
City
Fort Worth
Total Units
96
HTC Units
80
Initial Year of Award
2023
Extension Requested
One year (staff recommends 90 days)
Heights at Crowley is a 96-unit development located in Fort Worth, Tarrant County. The development received an award of 9% Housing Tax Credits in 2023. As a result, the current deadline to place in service in December 31, 2025.
Construction at the Development is nearing completion, and the Developer currently working with the city ...
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