Posting Language
Title
Authorize negotiation and execution of a new or amended loan agreement and related documents with Austin Area Urban League, or an affiliated entity, in the amount of $4,001,385, for a total loan amount not to exceed $8,001,385, for the development of a multifamily rental development to be known as UEZ I located at or near 6314 FM 969 Road, Austin, Texas 78724. Funding is available in the Fiscal Year 2024-2025 Capital Budget of the Austin Housing Finance Corporation.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
Funding is available in the Fiscal Year 2024-2025 Capital Budget of the Austin Housing Finance Corporation.
For More Information:
Mandy DeMayo, Treasurer, Austin Housing Finance Corporation, 512-974-1091.
Council Committee, Boards and Commission Action:
September 1, 2022 - The Austin Housing Finance Corporation (AHFC) authorized the negotiation and execution of a loan agreement and related documents with Austin Area Urban League or an affiliated entity in an amount not to exceed $4,000,000 for the development of rental housing to be known as UEZ I, located at or near 6314 FM Road 969 Austin, TX 78724.
Additional Backup Information:
If approved, AHFC will be authorized to enter into a new or amended loan agreement and related documents with Austin Area Urban League, or an affiliated entity, for the development of a multifamily rental development to be located in Council District 1.
Current Funding Request: $4,001,385 (2022 General Obligation Bonds)
Prior Funding Award: $4,000,000 (2018 General Obligation Bonds)
Development Information: Funding is to be utilized for development costs for an 80-unit multifamily housing development. 15 units will be available for rent to households earning at or below 30% Median Family Income (MFI), 65 units will be available for rent to households earning at or below 50% MFI. All 80 units will be Continuum of Care units. The affordability period is 40 years.
Development Application: The proposed development’s application to the City may be found here: <http://www.austintexas.gov/page/current-applications>