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Presentation, discussion, and possible action on a request for an extension of the previously approved deadline to Place in Service for Bailey at Stassney
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RECOMMENDED ACTION
recommendation
WHEREAS, Bailey at Stassney was awarded 9% housing tax credits during the 2024 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, 2026;
WHEREAS, the Board previously approved a request for force majeure treatment in 2025, that extended the deadline to be placed in service by six months to June 30, 2027, which is earlier than the allowable federal deadline of December 31, 2027; and
WHEREAS, the Applicant has requested that the Board approve extending the placed-in-service deadline an additional six months to the allowable federal deadline;
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 2024 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2026 Program Calendar shall be applicable to the Development, with a deadline to place in service of December 31, 2027.
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BACKGROUND
Development
Bailey at Stassney
Target Population
Supportive Housing
HTC Award
$2,000,000
City
Austin
Total Units
104
HTC Units
104
Initial Year of Award
2024
Extension Requested
Six months
Bailey at Stassney is a 104-unit Supportive Housing Development located in Austin, Travis County. The development received an award of 9% Housing Tax Credits in 2024 and was approved for force majeure treatment in June 2025, but with an earlier deadline to place in service than is federally allowable. As a result, the current deadline to place in service is June 30, 2027.
The Developer has requested an additional six-month extension, which would create a new deadline to place in service of December 31, 2027. The jus...
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