title
Presentation, discussion, and possible action on a request for return and reallocation of tax credits for Pioneer Crossing Brownwood
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RECOMMENDED ACTION
recommendation
WHEREAS, Pioneer Crossing Brownwood was awarded 9% housing tax credits during the 2023 Competitive Housing Tax Credit cycle;
WHEREAS, the Board has previously approved a request for return and reallocation of credits on December 12, 2024;
WHEREAS, the Development Owner 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 Owner has 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 Development, as permitted solely under the force majeure provision of the Qualified Allocation Plan (QAP); and
WHEREAS, the Development Owner has 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 2023 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2025 Program Calendar shall be applicable to the Development.
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BACKGROUND
Development
Pioneer Crossing Brownwood
Target Population
Elderly
HTC Award
$900,000
City
Brownwood
Total Units
49
HTC Units
45
Initial Year of Award
2023
Extension Requested
One year
Pioneer Crossing Brownwood is a 49-unit development located in Brownwood, Brown County. The development received an award of 9% Housing Tax Credits in 2023, and previously was approved for return and reallocation of credits in 2024. As a result, the current deadline to place in ...
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