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Presentation, discussion, and possible action on an extension of the development period for Eastern Oaks
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RECOMMENDED ACTION
recommendation
WHEREAS, the Housing Authority of Travis County (Owner) is the Owner of Eastern Oaks Apartments, which received a $2,000,000 loan of Tax Credit Assistance Program Repayment Funds (TCAP-RF) in 2019, and which provides 30 affordable Units in Austin, Travis County;
WHEREAS, the Department and Owner executed a contract for these funds on December 18, 2019, and that contract, and resulting loan documents (as amended) allowed for a Construction Completion Period and Development Period of up to 30 months from the loan closing date, which expired on February 28, 2023;
WHEREAS, 10 TAC ?13.11(m) of the Multifamily Direct Loan Rule under which the Development was awarded requires termination of the Direct Loan award and repayment of all disbursed funds for any Development not completed within four years of the effective date of the contract; and
WHEREAS, the Owner has already received Certificates of Occupancy, and the Development is occupied, but the final funds cannot be disbursed without an extension of the Construction Completion Period and Development Period, which requires Board approval and a waiver of 10 TAC ?13.11(m)
NOW, therefore, it is hereby
RESOLVED, that the extension of the Construction Completion Period and Development Period to October 25, 2024, and waiver of 10 TAC ?13.11(m) for Eastern Oaks is hereby approved.
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BACKGROUND
Eastern Oaks received a loan of $2,000,000 in TCAP-RF funding in 2019 for the Rehabilitation of 30 Units of affordable housing in Austin, Travis County. The loan is structured as deferred and forgivable, at 0.00% interest. The Development experienced an extended construction timeline, but construction is currently being finalized. The Department has conducted the Final Construction Inspection, which is in the process of being closed out, and the Development is currently occupied...
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