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Presentation, discussion, and possible action on Inducement Resolution No. 24-015 for Multifamily Housing Revenue Bonds or Notes regarding authorization for filing applications to be added to the Department's Waiting List for private activity bond authority and/or submitted for Traditional Carryforward for The Legacy on Kiest
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RECOMMENDED ACTION
recommendation
WHEREAS, a pre-application, as further detailed below, was submitted to the Department for consideration of an inducement resolution;
WHEREAS, Board approval of the inducement resolution is the first step in the application process for a multifamily bond issuance by the Department; and
WHEREAS, approval of the inducement will allow staff to submit an application to Bond Review Board (BRB) for private activity bonds, to be added to the Department's Waiting List for 2024 or to be submitted requesting Traditional Carryforward for the Development;
NOW, therefore, it is hereby
RESOLVED, that based on the foregoing, Inducement Resolution No. 24-015, to proceed with the application submission to the BRB for possible receipt of State Volume Cap issuance authority under the Private Activity Bond Program for The Legacy on Kiest, is hereby approved in the form presented to this meeting.
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BACKGROUND
General Information: The BRB administers the annual private activity bond authority for the State of Texas. The Department is an issuer of Private Activity Bonds and is required to induce an application for bonds prior to the submission to the BRB. Approval of the inducement resolution does not constitute approval of the development but merely allows the Applicant the opportunity to move into the full application phase of the process. Once the application receives a Certificate of Reservation, the Applicant has 180 days to close on the private activity bonds.
During the 180-day process, the Department will review the complete application for compliance with the Department's Rules, including, bu...
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