title
Presentation, discussion and possible action regarding a waiver of 10 TAC ?11.101(b)(1)(A)(vii) of the Qualified Allocation Plan (QAP) relating to the percentage of efficiency and/or one bedroom units for Oak Hill Lofts (#24495).
end
RECOMMENDED ACTION
recommendation
WHEREAS, a 4% Housing Tax Credit application for Oak Hill Lofts was submitted to the Department on September 20, 2024;
WHEREAS, the unit mix includes more than 30% efficiency and/or one-bedroom units, which exceeds the threshold allowed in 10 TAC ?11.101(b)(1)(A)(vii) of the 2024 QAP, thus rendering the development ineligible;
WHEREAS, a waiver has been requested by the applicant; and
WHEREAS, staff does not recommend a waiver be granted pursuant to 10 TAC ?11.207 considering the applicant submitted a 2023 4% Housing Tax Credit application for this development that included an eligible unit mix, and then, while aware of the efficiency/1-bedroom limitation, reconfigured the development to include an ineligible unit mix, and subsequently pursued bond financing recognizing the development was ineligible under the QAP;
NOW, therefore, it is hereby
RESOLVED, that a waiver of ?11.101(b)(1)(A)(vii) of the 2024 QAP relating to the allowable percentage of efficiency and/or one-bedroom units for Oak Hill Lofts is hereby denied.
end
BACKGROUND
General Information: Oak Hill Lofts is to be located in Austin, Travis County, and proposes the new construction of 90 units that will serve the general population. The Certificate of Reservation from the Bond Review Board was issued on August 8, 2024, under the Priority 3 designation, which does not require any specific restrictions on rent or income. The applicant has indicated that the development will include a mix of units with rents restricted between 30% and 80% of Area Median Family Income (AMFI).
Waiver Request: Pursuant to ?11.101(b)(1)(A)(vii) of the QAP, "any New Construction, Reconstruction, or Adaptive Reuse Development proposing more than ...
Click here for full text