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Presentation, discussion, and possible action regarding the approval for publication in the Texas Register of the 2024-1 Multifamily Direct Loan Notice of Funding Availability
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RECOMMENDED ACTION
recommendation
WHEREAS, the Department has $20,154,797 available in National Housing Trust Fund (NHTF) from its 2023 grant; and
WHEREAS, staff recommends prioritizing these funds in this 2024-1 Notice of Funding Availability (NOFA) in a manner that will allow the Department to meet various priorities, commitment and expenditure deadlines;
NOW, therefore, it is hereby
RESOLVED, that $20,154,797 in NHTF will be available for Applicants through this 2024-1 NOFA; and
FURTHER RESOLVED, the Executive Director and staff as designated by the Executive Director are authorized, empowered, and directed, for and on behalf of the Department to execute such documents, instruments and writings and perform such acts and deeds as may be necessary to effectuate the foregoing.
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BACKGROUND
The 2024-1 NOFA announces the availability of Multifamily Direct Loan funds for Applications received between January 8, 2024, and October 31, 2024 (if sufficient funds remain). The funds in the NOFA are inclusive of the $20,154,797 awarded by the 2023 NHTF grant.
If there are more requests for funding than funding available, staff is requesting the authority to suspend the NOFA or suspend Application Acceptance Dates for one or more set-asides within the NOFA and not accept any more applications by amending the NOFA, without further Board approval. Staff may again beginning awarding Application Acceptance Dates if the applications under review are withdrawn, terminated, or recommended for less than the original request so that there is additional funding available.
Staff is also requesting to be able to add NHTF to this NOFA in the event that any funds become available, through either the termination of a previous application, the availability of program income, or other similar circ...
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