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Presentation, discussion, and possible action on recommendation to debar multiple parties due to the foreclosures of The Life at Clearwood (HTC 01485 / CMTS 487) and The Life at Westland (HTC 02485 / CMTS 3284)
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RECOMMENDED ACTION
recommendation
WHEREAS, on December 12, 2024, the TDHCA Governing Board approved the debarment of Olive Tree Multifamily Manager LLC and Ian Bel through December 12, 2027, due to the August 6, 2024 foreclosures of The Life at Timber Ridge Apartments (HTC 01101 / CMTS 343) and The Life at Timber Ridge II Apartments (HTC 03456 / Bond 03456B / CMTS 3411);
WHEREAS, The Life at Clearwood (HTC 01485 / CMTS 487) (Clearwood) and The Life at Westland (HTC 02485 / CMTS 3284) (Westland) were subject to HTC Land Use Restriction Agreements;
WHEREAS, Clearwood and Westland were foreclosed on December 3, 2024, terminating both land use restriction agreements;
WHEREAS, Olive Tree Multifamily Manager LLC and Ian Bel were the responsible parties in control of Clearwood at the time of its foreclosure;
WHEREAS, Olive Tree Multifamily Manager II LLC and Ian Bel were the responsible parties in control of Westland at the time of its foreclosure;
WHEREAS, controlling a multifamily Development that was foreclosed after April 1, 2021, where the foreclosure or deed in lieu of foreclosure terminates a subordinate TDHCA LURA is grounds for discretionary debarment under 10 TAC ?2.401(a)(7);
WHEREAS, representatives for Olive Tree Multifamily Manager LLC, Olive Tree Multifamily Manager II LLC, and Ian Bel, participated in a second informal conference with the Enforcement Committee on January 30, 2025, regarding multiple enforcement referrals, including the debarment referrals relating to the foreclosures of Clearwood and Westland;
WHEREAS, on February 13, 2025, the TDHCA Executive Director issued a debarment determination notice recommending an extended debarment term for Olive Tree Multifamily Manager LLC and Ian Bel through December 12, 2028, a...
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