title
Presentation, discussion, and possible action regarding waivers of certain provisions of 10 TAC Chapter 13 in response to the Department's National Housing Trust Fund expenditure deadline
end
RECOMMENDED ACTION
recommendation
WHEREAS, the Department receives annual grants of National Housing Trust Fund from the U.S. Department of Housing and Urban Development (HUD) that include a deadline by which those funds must be expended;
WHEREAS, the expenditure deadline for the Department's 2019 NHTF grant is July 12, 2024, and two Developments, Manor Town Apartments Phase II and Burnet Place Apartments, have undrawn balances of those funds totaling $939,562.72;
WHEREAS, both Developments have accumulated sufficient expenditures to draw down those funds, but certain waivers of 10 TAC Chapter 13 are necessary in order for those disbursements of funding to be approved; and
WHEREAS, the Department is not exposed to elevated risk by granting these waivers;
NOW, therefore, it is hereby
RESOLVED, that the necessary provisions of 10 TAC ?13.11 related to the disbursement of funds are hereby waived for Manor Town Apartments Phase II and Burnet Place as described below.
end
BACKGROUND
The Department annually receives grants of National Housing Trust Fund (NHTF) from HUD, which include strict deadlines by which the funds must be expended. For the 2019 NHTF grant, this deadline is July 12, 2024. When a Development is awarded funding from this source, the funds are not paid to the borrower up-front - instead, the borrower is able to request periodic disbursements of those funds as eligible expenses are accrued. Department staff has worked diligently with the recipients of these 2019 NHTF funds to have them expended and drawn down timely, but two developments currently have remaining balances of this grant. They are:
* Manor Town Phase II $494,829.93 remaining
* Burnet Place Apartments $444,732.79 remaining
Both of these developments have accrued a sufficient amo...
Click here for full text