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Presentation, discussion, and possible action regarding the Issuance of Multifamily Housing Revenue Bonds (Walnut Springs) Series 2024A-1 and Series 2024A-2 Resolution No. 25-008, an award of Direct Loan funds, and a Determination Notice of Housing Tax Credits
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RECOMMENDED ACTION
recommendation
WHEREAS, the Board previously adopted an Inducement Resolution on September 7, 2023;
WHEREAS, a 4% Housing Tax Credit application for Walnut Springs, sponsored by AAHFC Walnut Springs GP, LLC, and the Alamo Area Housing Finance Corporation, was submitted to the Department on May 3, 2024;
WHEREAS, an application was submitted under the Tax Credit Assistance Program (TCAP) 2024-3 Multifamily Direct Loan Notice of Funding Availability (2024-3 NOFA) with an Application Acceptance Date of May 6, 2024;
WHEREAS, a Certificate of Reservation was issued in the amount of $35,000,000 on July 17, 2024, with a bond delivery deadline of January 13, 2025; and
WHEREAS, staff recommends approval of the issuance of Multifamily Housing Revenue Bonds for Walnut Springs Apartments (Series 2024A-1 and Series 2024A-2), an award of Tax Credit Assistance Program Repayment Funds (TCAP), and the issuance of a Determination Notice;
NOW, therefore, it is hereby
RESOLVED, that the issuance of tax-exempt Multifamily Housing Revenue Bonds (Walnut Springs Apartments) Series 2024A-1 and Series 2024A-2 in the aggregate principal amount of $26,950,000, Resolution No. 25-008, is hereby approved in the form presented to this meeting;
FURTHER RESOLVED, the issuance of a Determination Notice of $2,436,232 in 4% Housing Tax Credits, and $10,000,000 in TCAP Direct Loan funds for Walnut Springs Apartments, subject to underwriting conditions that may be applicable as found in the Real Estate Analysis report posted to the Department's website, is hereby approved in the form presented to this meeting; and
FURTHER RESOLVED, that if approved, staff is authorized, empowered, and directed, for and...
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