Posting Language
Title
Approve a resolution consenting to the issuance of up to $28,000,000 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 Norwood Estates Apartments, located at or near 916 and 918 Norwood Park Boulevard.
De
Lead Department
Neighborhood Housing and Community Development.
Fiscal Note
This item has no fiscal impact.
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 228-unit multi-family rental development to be located in District 4.
The applicant for bond financing is LDG Estates at Norwood, 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 has induced the issuance of up to $28,000,000 in Multi-family Housing Revenue Bonds that will partially fund this new construction development. On February 19, 2019 the Issuer conducted the public hearing required under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). A certified copy of the public notice of the TEFRA hearing as published in the Austin American-Statesman and a transcript of the TEFRA hearing is included in backup.
TEFRA requires that the local governmental entity in which the project is located give its approval for the bonds to be issued. Approving the issuance...
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