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The TDHCA Board convened their board meeting on March 11, 2021. This meeting was held in a virtual format as authorized by Executive Order of the Governor. See below for a summary of the board actions.

ITEM 3 – Report on Activities Related to the Department’s Response to COVID-19 Pandemic

  1. CBDG Funds – rental assistance mortgage assistance, broadband assistance. Mortgage assistance most used. 40 cities and counties receiving these funds
  • Emergency solutions grant funds
  • Voucher program – introduced landlord incentives
  • American Rescue Plan: allocated about $1 billion in rental assistance
  • Homeless assistance program – TDHCA portion may be around $1 million
  • Homeowner assistance program – for mortgages and utilities
  • Rental assistance program – performance-based contract with new vendor. There is a time limit per application. 50,000 applications each in 70 days. Aiming for 9,000 a week by May 1

ITEM 4: ASSET MANAGEMENT

Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application and Land Use Restriction Agreement

02469 Murdeaux Villas Dallas

            -Board approved staff recommendation to accept material amendment

ITEM 5: BOND FINANCE

a) Presentation, discussion, and possible action regarding the Issuance of a Multifamily Housing Revenue Note (Murdeaux Villas) Series 2021, Resolution No. 21-024, and a Determination Notice of Housing Tax Credits Teresa Morales Director of Multifamily Bonds

Item 5a is about the same development from Item 4a and the possible issuance of a multifamily revenue note for $35M in private activity bonds and $2.4M in 4% housing tax credits

            -Board approved staff recommendation to issue revenue note

b) Presentation, discussion, and possible action on Inducement Resolution No. 21-025 for Multifamily Housing Revenue Bonds Regarding Authorization for Filing Applications for Private Activity Bond Authority for Providence on the Park (#21618) in Dallas

            Board approves staff rec on Item 5b to approve the inducement resolution for Providence on the Park in Dallas.

c) Presentation, discussion and possible action on Resolution No. 21-026 regarding a Modification Agreement relating to Multifamily Housing Revenue Bonds Series 2019 for McMullen Square Apartments

            – Board approves staff recommendation to approve modification agreement for the multifamily housing revenue bonds for McMullen Square Apartments

d) Presentation, discussion, and possible action regarding the Issuance of Multifamily Housing Revenue Bonds (Corona Del Valle Apartments) Series 2021 Resolution No. 21-027, and a Determination Notice of Housing Tax Credits

            -Board approved staff recommendation to issue Multifamily Housing Revenue Bonds for Corona Del Valle Apartments

e) Presentation, discussion, and possible action regarding the Issuance of Multifamily Housing Revenue Bonds (Palladium Simpson Stuart Apartments) Series 2021 Resolution No. 21-028, and a Determination Notice of Housing Tax Credits

            -Board approves staff recommendation to issue Multifamily Housing Revenue Bonds for Palladium Simpson Stuart Apartments

ITEM 6: MULTIFAMILY FINANCE

a) Presentation, discussion, and possible action on a Determination Notice for 4% Housing Tax Credits and an Award of Direct Loan Funds for Trinity Oaks (#21443) in Sulphur Springs Teresa Morales Director of Multifamily Bonds

            – Board approves staff recommendation to issue 4% housing tax credits and Direct Loan funds for Trinity Oaks in Sulphur Springs.

b) Presentation, discussion, and possible action on a Determination Notice for 4% Housing Tax Credits for Pine Terrace (#21444) in Mount Pleasant

            – Board approves staff recommendation to issue 4% housing tax credits for Pine Terrace in Mount Pleasant.

c) Presentation, discussion, and possible action regarding the issuance of Determination Notices for 4% Housing Tax Credit Applications

            – Board approves staff recommendation for the issuance of 4% housing tax credits for the nine transactions and the various specific considerations referenced in the Board action item.

d) Presentation, discussion, and possible action on a waiver relating to 10 TAC §11.01(b)(2) of the Qualified Allocation Plan (QAP) concerning Development Size Limitations and a Determination Notice for Housing Tax Credits for Bluebonnet Ridge (#21403) in Ennis

            – Board approves staff recommendation to grant the waiver request and issue 4% HTCs for Bluebonnet Ridge in Ennis.

e) Presentation, discussion, and possible action regarding streamlining 4% Housing Tax Credit Applications and Associated Waivers

  • -The process would streamline processing of “straight up” 4% applications. Request is for QAP waiver that would allow staff to issue determination notices, streamline underwriting at time of application, and remove duplicative review.
  • -Underwriting process would shift from time of application to award of allocation.
  • -Waiver does not apply to applications where TDHCA is bond issuer
  • -This change will be considered in 2022 QAP rulemaking
  • – Would revert to original process if it does not work

            – Board approves staff recommendation to help streamline the process how the Board evaluates 4% housing tax credit applications by approving two separate motions.

ITEM 7: COMMUNITY AFFAIRS

a) Presentation, discussion, and possible action on release of the draft 2022 Low Income Home Energy Assistance Program State Plan for public comment

            – Board approves staff recommendation to publish the draft state LIHEAP Plan for 2022 for public comment.

b) Presentation, discussion and possible action on the programming of Low Income Home Energy Assistance Program funds available to Texas through the American Rescue Plan Act of 2021 and authorization to award such funds and update on administrative flexibilities

  • $234 million to be allocated, approximately
  • doubled amount of funds a household could receive, to a maximum of $3200
  • Board approves staff recommendation to implement administrative flexibility and to award funds

 

 

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