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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 Maple Park Manor
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RECOMMENDED ACTION
recommendation
WHEREAS, the above listed development was awarded 9% housing tax credits during the 2023 competitive Application round;
WHEREAS, the Governing Board approved a request for the return and reallocation of those credits in 2024, and imposed a deadline to place in service of August 31, 2026, which is shorter than would have been allowed federally;
WHEREAS, the Department received a request from the Development Owner to extend the placement in service deadline to December 31, 2026, which can be accomplished within returning and reallocating the credits; and
WHEREAS, the Development Owner has presented evidence that this request is appropriate.
NOW, therefore, it is hereby
RESOLVED, the deadline to place in service for Maple Park Manor is extended to December 31, 2026.
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BACKGROUND
Development
Maple Park Manor
Target Population
Elderly
HTC Award
$900,000
City
Lockhart
Total Units
30
HTC Units
30
Initial Year of Award
2023
Extension Requested
Four additional months (an extension to August 31, 2026, was previously granted)
Maple Park Manor is a 30-unit development located in Lockhart, Caldwell County. The Development received 9% housing tax credits in 2023, and in 2024 the Board approved a request to reallocate the credits, effectively creating an eight-month extension to place in service. As a result, the current deadline to place in service is August 31, 2026.
The project is currently on track to be completed on time; however, because there is no scheduled meeting of the Governing Board in August, the Developer has proactively requested this extension to account of any unexpected delays. Because the project is scheduled to complete within days of the existing deadline, staff finds this request reasonable and recommends approval.
APPLICABLE RULE
Under 10 TAC ?11....
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