title
Presentation, discussion, and possible action on a request for return and reallocation of tax credits under 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events for FishPond at Walker
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RECOMMENDED ACTION
recommendation
WHEREAS, FishPond at Walker was awarded 9% housing tax credits during the 2022 Competitive Housing Tax Credit cycle, and was then approved for force majeure treatment by the Board in 2023 and 2024, resulting in a current deadline to place in service of December 31, 2026;
WHEREAS, the Applicant applied for a $3,500,000 loan of HOME funds from the Department's 2024-2 Notice of Funding Availability (NOFA) in April 2024, and those funds were approved by the Board in February 2025;
WHEREAS, the Development Owner has requested an extension to the placement in service deadline under 10 TAC ?11.6(5), related to Credit Returns Resulting from Force Majeure Events;
WHEREAS, the Department lacks authority to extend federal placement in service deadlines and may only reset such deadlines by requiring the credits to be returned and immediately reallocated to the Development, as permitted solely under the force majeure provision of the Qualified Allocation Plan (QAP); and
WHEREAS, the Development Owner has submitted documentation demonstrating that a qualifying force majeure event has occurred;
NOW, therefore, it is hereby
RESOLVED, that the request to treat the matter under the force majeure provisions of 10 TAC ?11.6(5) is approved, and that the 2022 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2025 Program Calendar shall be applicable to the Development, except for the deadline to Place in Service, which shall be June 30, 2027.
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BACKGROUND
Development
FishPond at Walker
Target Population
Elderly
HTC Award
$900,000
City
Huntsville
Total Units
48
HTC Units
48
Initial Year of Award
2022
Extension Requested
Six months
FishPond at Walker is a 48-unit development located in Hunstville, Walker County. The d...
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