Posting Language
Title
Approve a resolution consenting to the issuance of up to $25,000,000 in Multi-family Private Activity Bonds by Austin Affordable PFC, Inc. (an affiliate of the Housing Authority of the City of Austin) to finance, in part, the new construction of an affordable rental development, to be known as Bridge at Canyon View, located at or near 4506 East William Cannon Drive.
De
Lead Department
Neighborhood Housing and Community Development.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
January 28, 2016-A public hearing was conducted and resolution supporting an application to be submitted to the Texas Department of Housing and Community Affairs by LDG Development, or an affiliated entity, for a proposed affordable multi-family development to be called the Cannon Woods Estates Apartments, located at 4506 East William Cannon Drive, in Austin, Texas, was approved.
For More Information:
Rosie Truelove, Director, Neighborhood Housing and Community Development, 512-974-3064; Mandy DeMayo, Community Development Administrator, Neighborhood Housing and Community Development, 512-974-1091.
Additional Backup Information:
If approved, the resolution will allow Austin Affordable PFC, Inc. (the Issuer), a public facilities corporation created under Texas Local Government Code Section 303.002 and affiliated with the Housing Authority of the City of Austin (HACA), to issue Multi-family Housing Revenue bonds to help finance construction of a new 215-unit multi-family rental development to be located in District 2.
The applicant for bond financing is Bridges at Canyon View, LP. (developer). The developer will also apply for an award of non-competitive 4% tax credits from the Texas Department of Housing and Community Affairs.
The Issuer induced the issuance of up to $25,000,000 in Multi-family Housing Revenue Bonds that will partially fund this new construction development. On February 19, 2019 the Issuer conducted the public hearing requi...
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