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Presentation, discussion, and possible action on Inducement Resolution No. 25-005 for Multifamily Housing Revenue Bonds regarding authorization for filing applications for private activity bond authority for Legacy Riverside Senior Living Community (#20613)
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RECOMMENDED ACTION
recommendation
WHEREAS, a supplemental bond application for Legacy Riverside Senior Living Community was submitted to the Department for consideration of an inducement resolution;
WHEREAS, at the Board meeting of December 10, 2020, Resolution No. 21-007 was approved authorizing the issuance of a Multifamily Note for Legacy Riverside Senior Living Community, Series 2020;
WHEREAS, the applicant has cited unforeseen changes following closing on the original bonds, including inflation and related increases in construction costs, and has requested the Department issue additional tax-exempt bond financing, as further described herein; and
WHEREAS, approval of the inducement will allow staff to submit an application to the Bond Review Board (BRB) for the issuance of Certificates of Reservation associated with the Development.
NOW, therefore, it is hereby
RESOLVED, based on the information provided herein, staff's recommendation to adopt Inducement Resolution No. 25-005 is neutral;
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BACKGROUND
Legacy Riverside Senior Living Community was originally approved at the Board meeting of December 10, 2020, and subsequently closed on December 21, 2020, with an issuance amount of $40,000,000. The development involved the new construction of 264 units located at 8101 North Riverside Drive in Fort Worth, Tarrant County serving an elderly population. All of the units will be rent and income restricted at 60% of Area Median Income.
A supplemental allocation of bonds is being requested to aid in the absorption of increased costs to satisfy the federal requirements of the 50% Test. A project is eligible for the 4% Housing Tax Credit so long as at least 50% of the aggregate basis of ...
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