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Presentation, discussion, and possible action on a waiver of 10 TAC ?13.11(c)(14)(I) for Boulevard 61
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RECOMMENDED ACTION
recommendation
WHEREAS, Boulevard 61 is a 2021 9% housing tax credit Development that received supplemental credits in 2023 and then force majeure treatment in 2024. The current deadline to place in service for the tax credits is December 31, 2026;
WHEREAS, the Development also received a National Housing Trust Fund (NHTF) loan from the Department, and the contract for that loan was signed in July 2023, and the grant year of those funds is 2021;
WHEREAS, the 2021 NHTF grant includes a deadline of July 30, 2026, by which those funds must be expended;
WHEREAS, construction of Boulevard 61 is anticipated to be completed in October 2026, but Department rules require that certain documents related to construction completion must be submitted prior to the final retainage of funds being disbursed, and therefore the Development will not be able to expend all funds by the deadline without a waiver of said rules; and
WHEREAS, the Department has identified some level of risk associated with this request, as is described below;
NOW, therefore, it is hereby
RESOLVED, that the waiver of the final draw requirements outlined in 10 TAC ?13.11(c)(14)(I) for Boulevard 61 is hereby approved as further described herein.
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BACKGROUND
Boulevard 61 is a 2021 9% housing tax credit Development that proposes 100 newly constructed Units in Houston. The Development received supplemental credits in 2023 and then force majeure treatment in 2024, and because of that, the deadline to place in service for the tax credits is December 31, 2026. The current construction schedule anticipates project completion in October 2026, which is satisfactory for that deadline.
The Development was also approved for a fully repayable NHTF loan in the amount of $7,100,000 at 2.00% interest. The contract for these funds was signed in July 2023, and the grant year o...
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