title
Presentation, discussion, and possible action on a loan approval and 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 Parkside on Carrier
end
RECOMMENDED ACTION
recommendation
WHEREAS, the above listed development was awarded 9% housing tax credits during the 2021 competitive Application round;
WHEREAS, the Developer applied for additional funds under the Department's 2024-3 TCAP-RF Notice of Funding Availability, which was released last year specifically for the purpose of addressing funding gaps in previously-awarded Developments;
WHEREAS, the Department is now recommending approval of a loan in the amount of $5,000,000 to address this funding gap, with proposed loan terms and details concerning the Development's financials outlined below;
WHEREAS, staff initially executed a Carryover Allocation Agreement with the Development Owner, which included certifications from the Development Owner that each building for which the allocation was made would be placed in service by December 31, 2023;
WHEREAS, the Board previously approved an allocation of supplemental housing tax credits for the Development in 2023, which extended the deadline to be placed in service to December 31, 2025;
WHEREAS, the Department received a request from the Development Owner to extend the placement-in-service deadline under the provisions of 10 TAC ?11.6(5) related to Credit Returns Resulting from Force Majeure Events;
WHEREAS, other than in situations covered by force majeure, the Department lacks authority to extend federal deadlines for placement in service; and
WHEREAS, the Development Owner has presented evidence that relief under force majeure is appropriate.
NOW, therefore, it is hereby
RESOLVED, that the that loan of $5,000,000 of TCAP-RF funds to Parkside on Carrier is approved, subject to conditions that may be applicable as found in the Real Estate Analysis Underwriting Report pos...
Click here for full text