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Presentation, discussion and possible action regarding a waiver of 10 TAC ?11.302(d)(1)(B) of the Qualified Allocation Plan (QAP) relating to miscellaneous income for Aster Villas (#25490).
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RECOMMENDED ACTION
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WHEREAS, a 4% Housing Tax Credit application for Aster Villas was submitted to the Department on September 8, 2025;
WHEREAS, the application submitted includes miscellaneous income in excess of $30 per unit, which is the maximum amount allowed under 10 TAC ?11.302(d)(1)(B) of the 2025 Qualified Allocation Plan (QAP), thus rendering the development ineligible;
WHEREAS, subsequent to submitting the tax credit application, the applicant submitted a request to waive 10 TAC ?11.302(d)(1)(B); and
WHEREAS, staff recommends a waiver be granted pursuant to 10 TAC ?11.207 and based on specific factors relating to the application and structure of the Development;
NOW, therefore, it is hereby
RESOLVED, that a waiver of ?11.302(d)(1)(B) of the 2025 QAP relating to miscellaneous income for Aster Villas is hereby granted.
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BACKGROUND
General Information: Aster Villas is to be located in Pharr, Hidalgo County, and proposes the new construction of 196 units that will serve the elderly population (62+) and includes the development of a new administrative headquarters for the Pharr Housing Authority (PHA). The Certificate of Reservation from the Bond Review Board was issued under the Priority 3 designation, which does not require any specific restrictions on rent or income. The applicant has elected to use the Average Income set-aside, and, according to the tax credit application submitted, 50 units will be rent- and income-restricted at 50% of Area Median Income (AMI), 126 units will be rent- and income-restricted at 60% of AMI, 10 units will be rent- and income-restricted at 70% AMI, and 10 units will be rent- and income-restricted at 80% AMI.
Waiver Request: ?11.302(d)(1)(B) of the QAP states the following,
"Miscellaneous Income...
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