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Presentation, discussion, and possible action regarding awards from the 2023-2 HOME American Rescue Plan Rental Notice of Funding Availability (NOFA)
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RECOMMENDED ACTION
recommendation
WHEREAS, the Governing Board approved publication of the HOME-ARP Rental 2023-2 Notice of Funding Availability (NOFA) on December 8, 2022, which made available $51,708,757 (as amended) in development costs; and
WHEREAS, staff recommends approval of two awards for 23712 Lapiz Flats and 23711 Jaipur Lofts;
NOW, therefore, it is hereby
RESOLVED, that the awards of HOME-ARP Rental funds listed in this Board Action Request are hereby approved in the form presented at this meeting, subject to conditions as described within the underwriting reports and/or in this Board Action Request; and
FURTHER RESOLVED, that the Board's approval is conditioned upon satisfaction of all conditions of underwriting, and completion of any other reviews required to assure compliance with applicable rules and requirements and in accordance with the timeframe described further herein.
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BACKGROUND
The Texas Department of Housing and Community Affairs (TDHCA) was allocated $132,969,147 of funds from the U.S. Department of Housing and Urban Development (HUD) under Section 3205 of the American Rescue Plan Act. HUD issued waivers and new activities from HOME annual funds into HOME-American Rescue Plan (HOME-ARP), in the Community Planning and Development Notice 21-10 and Appendix (HUD 21-10). All Applications for funds in the HOME-ARP Rental NOFA are be subject to the requirements of 10 TAC Chapters 1, 2, 10, and 13, and applicable sections of 10 TAC Chapter 11. However, certain waivers and alternative requirements in Title 10 of the Texas Administrative Code are applied to allow for better alignment with HUD Notice 21-10. These waivers are listed in Attachment A of the NOFA.
In its approved HOME-ARP Allocation Plan, TDHCA programmed $56,511,887 for affordable rental housing. On December 8, 2022,...
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