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Presentation, discussion, and possible action regarding the Issuance of a Multifamily Housing Governmental Note (Murdeaux Villas) Series 2026 Resolution No. 26-010 and an increase to the Housing Tax Credit amount
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RECOMMENDED ACTION
recommendation
WHEREAS, at the Board meeting of April 8, 2021, Resolution No. 21-024 was approved authorizing the issuance of a Multifamily Housing Governmental Note for Murdeaux Villas, Series 2021, and a Determination Notice was issued;
WHEREAS, Murdeaux Villas subsequently closed on the governmental note amount of $35,000,000 on May 28, 2021;
WHEREAS, as a result of unforeseen changes in circumstances following the Board's approval of the original Resolution and issuance of the original governmental note, including inflation and related increases in construction costs, and removal of the developer entity, the Owner has requested the Department issue additional revenue bonds or notes in one or more series for the purpose of providing additional tax-exempt bond financing for the Development as further described herein;
WHEREAS, Murdeaux Villas (#21614) was induced by the Board on October 10, 2024, with a requested bond amount of $5,000,000;
WHEREAS, a supplemental bond application for Murdeaux Villas, sponsored by Trinity Housing Development, LLC, was submitted to the Department on September 5, 2024;
WHEREAS, a Certificate of Reservation was issued in the amount of $5,000,000 on January 27, 2026, with a bond delivery deadline of July 26, 2026;
WHEREAS, the application reflects an increase to the annual housing tax credit from $2,218,728 which was the original amount reflected in the Determination Notice, to $3,687,762, representing a 66.21% increase;
WHEREAS, 10 TAC ?10.401(d) requires approval by the Board if an increase to the amount of tax credits exceeds 120% of the amount of credit reflected in the Determination Notice;
WHEREAS, in connection with the underwriting of the supplemental bonds and evaluation ...
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