The TDHCA convened its board meeting at 10:02 am on February 9, 2023, at the Greer Bldg, 125 East 11th Street Austin, Texas 78701.
February 9 Meeting Summary
TAAHP Staff attended the board meeting and summarized its main takeaways. TDHCA has uploaded the video recording if you would like to watch full meeting.
EXECUTIVE DIRECTOR’S REPORT
Bobby Wilkinson, Executive Director
- TDHCA will be using Legistar moving forward to post their board meeting agendas & videos
- Homeowner assistance fund (HAF) is active. The HAF program is federally funded that can help Texan residents with overdue mortgage payments, property tax, homeowners’ insurance, HOA fees and now recently utilities assistance. Half has been funded or approved. TDHCA has disbursed $328 million and serving 30,398 households. Average assistance amount is over $10,905 per applicant.
- The Texas Utility Help program is still taking new applications for energy or water.
- Texas Rent Relief – TDHCA has received an additional 41.5 million in reallocated ERA II funds to provide assistance to the Texas Rent Relief program and Housing Stability Services program & cover administrative costs.
- Texas Supreme Court emergency order establishing eviction dispersion program extended through March 2023.
- TDHCA will be testifying to Senate Finance Committee & the House Appropriations Committee regarding their budget request.
- TDHCA has tracked 77 bills that would affect the agency.
MULTIFAMILY BONDS
Teresa Morales, Director of Multifamily Bonds & 4% Housing Tax Credits
Presentation, discussion and possible action regarding a waiver of 10 TAC §11.101(b)(1)(A)(vii) of the Qualified Allocation Plan (QAP) relating to the percentage of efficiency and/or one bedroom units, and a waiver of 10 TAC 11.101(a)(3)(B)(iii) of the QAP regarding Neighborhood Risk Factors relating to school performance, for Cattleman Square Lofts (#23403).
- During this board action item, TDHCA board members asked if there were other mitigating factors, apart from afterschool tutoring, to address low school performance ratings. Staff mentioned that they could look into this more during the 2024 QAP development cycle.
MULTIFAMILY FINANCE
Supplemental Housing Tax Credit requests for the 2023 Competitive Housing Tax Credit Application Round
- TDHCA received 64 requests for supplemental allocations.
- Total supplemental credits requested = $11,049,349
- These award amounts will be attributed to the sub-region and/or set-asides for which the original Application qualified for purposes of the 2023 ceiling calculation.
- The 2023 Qualified Allocation Plan (QAP) allows 2021 9% Housing Tax Credit (HTC) awards that have experienced cost increases to be allocated up to 15% of the original award amount as supplemental funding from the 2023 competitive HTC ceiling.
- Out of the 64 requests, only 9 applicants did not request the full 15%.
- TDHCA’s approach on processing these requests would also allow staff to rely on actual costs based on evidence submitted to the department, rather than pro forma projections when analyzing these requests. Additionally, there are multiple guardrails in place to mitigate against any allocation of excess supplemental credits.
- Requests for supplemental credits cannot be used to increase the developer fee or reduce the deferred developer fee proposed in their original 2020 application.
- TDHCA staff stated that they don’t anticipate adding supplemental tax credits to the 2024 QAP. They haven’t felt the same pressure from developers as before because markets are stabilizing.
Multifamily Housing Funds
- $43 Million available in Housing Trust Funds
- $6.1 million in HOME funds, which are only available to community housing development organizations (CHDOs)
Meeting adjourned at 11:56
The next TDHCA board meeting is on March 9, 2023.