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 Providence on Park
end
RECOMMENDED ACTION
recommendation
WHEREAS, Providence on Park was awarded 9% housing tax credits during the 2021 Competitive Housing Tax Credit cycle;
WHEREAS, the Board has previously approved requests for return and reallocation of credits in 2023;
WHEREAS, the Development Owner executed a Carryover Allocation Agreement that included certifications stating each building receiving an allocation would be placed in service by December 31, 2025;
WHEREAS, the Development placed into service in April 2026, four months after the deadline;
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, 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;
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 2021 Qualified Allocation Plan, Uniform Multifamily Rules, and the 2026 Program Calendar shall be applicable to the Development.
end
BACKGROUND
Development
Providence on Park
Target Population
Elderly
HTC Award
$1,522,699
City
Lumberton
Total Units
80
HTC Units
80
Initial Year of Award
2021
Extension Requested
Four months
Providence on Park is an 80-unit development located in Lumberton, Hardin County. The development received an award of 9% Housing Tax Credits in 2021 and previously was approved for an award of supplemental credits in 2023. As a result, the de...
Click here for full text