title
Presentation, discussion, and possible action regarding the Issuance of Multifamily Housing Revenue Bonds (Gulfway Manor Apartments) Series 2024 Resolution No. 24-020, and a Determination Notice of Housing Tax Credits
end
RECOMMENDED ACTION
recommendation
WHEREAS, an application for Gulfway Manor Apartments requesting 4% Housing Tax Credits, sponsored by Vitus Group, LLC was submitted to the Department on January 30, 2024;
WHEREAS, the application was previously induced by the Board on October 26, 2023, with a requested bond amount of $29,000,000;
WHEREAS, a Certificate of Reservation was issued in the amount of $29,000,000 on June 6, 2024, with a bond delivery deadline of December 3, 2024; and
WHEREAS, staff recommends approval of the issuance of Multifamily Housing Revenue Bonds for Gulfway Manor Apartments (Series 2024), and the issuance of a Determination Notice;
NOW, therefore, it is hereby
RESOLVED, that the issuance of tax-exempt Multifamily Housing Revenue Bonds (Gulfway Manor Apartments) Series 2024 in an amount not to exceed $29,000,000, Resolution No. 24-020, is hereby approved in the form presented to this meeting;
FURTHER RESOLVED, the issuance of a Determination Notice of $2,215,055 in 4% Housing Tax Credits for Gulfway Manor Apartments, subject to underwriting conditions that may be applicable as found in the Real Estate Analysis report posted to the Department's website, and subject to any compliance conditions as reflected in Exhibit A-1, is hereby approved in the form presented at this meeting is hereby approved in the form presented to this meeting; and
FURTHER RESOLVED, that if approved, staff is authorized, empowered, and directed, for and on behalf of the Department to execute such documents, instruments and writings and perform such acts and deeds as may be necessary to effectuate the foregoing.
end
BACKGROUND
General Information: The Bonds will be issued in accordance with Tex. Gov't Code ?2306.353 et seq., which a...
Click here for full text