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Presentation, discussion, and possible action on an extension of the Development Period for Commons at St. Anthony's
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RECOMMENDED ACTION
recommendation
WHEREAS, St. Anthony's Amarillo Housing 20, LP and the Department executed a contract for $2,000,000 sourced from the National Housing Trust Fund (NHTF), effective July 21, 2022, for the Adaptive Reuse of a hospital in Amarillo;
WHEREAS, the contract included a Development Period of up to 36 months, starting from the date of the loan closing, which will expire on February 15, 2026;
WHEREAS, at the Board Meeting on December 10, 2026, Board approved an extension until the end of February for the Owner to submit the final draw for NHTF funds;
WHEREAS, the Owner has yet to request the federally required Final Construction inspections;
WHEREAS, construction is substantially complete, temporary certificates of occupancy have been issued, and the Owner expects the first move-ins in mid-February; and
WHEREAS, administratively the Department cannot disburse the final drawdown of funding without the Development Period being extended;
WHEREAS, the extension of the Development Period is not extending the end of the permanent loan period, unless the first lien lender also extends the end of their permanent loan period up to September 1, 2031;
NOW, therefore, it is hereby
RESOLVED, that the Development Period for Commons at St. Anthony's is approved to be extended to August 31, 2026.
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BACKGROUND
Commons at St. Anthony's received a loan of $2,000,000 for the Adaptive Reuse of a hospital to a 124-unit affordable housing development in Amarillo. The Contract's development period was initially up to 36 months, which will expire on February 15, 2026. Construction is substantially complete on the project. Temporary certificates of occupancy have been issued, and the owner expects the first move-ins in mid-February. Staff is unable to issue the final disbursement of funds without an extension of the Development p...
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