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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 2910 Motley Senior Living and 3606 S Cockrell Hill Road Senior
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RECOMMENDED ACTION
recommendation
WHEREAS, 2910 Motley Senior Living and 3606 S Cockrell Hill Road Senior were awarded 9% housing tax credits during the 2024 Competitive Housing Tax Credit cycle;
WHEREAS, the Development Owners 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 Development Owners have 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 Developments, as permitted solely under the force majeure provision of the Qualified Allocation Plan (QAP); and
WHEREAS, the Development Owners have 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 2024 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2025 Program Calendar shall be applicable to the Developments.
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BACKGROUND
Development
2910 Motley Senior Living
Target Population
Elderly
HTC Award
$2,000,000
City
Mesquite
Total Units
133
HTC Units
88
Initial Year of Award
2024
Extension Requested
Six months
Development
3606 S Cockrell Hill Road Senior
Target Population
Elderly
HTC Award
$2,000,000
City
Dallas
Total Units
120
HTC Units
88
Initial Year of Award
2024
Extension Requested
Six months
2910 Motley Sen...
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