Posting Language
Title
Approve a resolution supporting the application by The Lenora, LLC, or an affiliated entity, for the allocation of competitive 9% Low Income Housing Tax Credits for the construction of a development to be known as The Lenora, located within the City at or near 4507 Menchaca Road, Austin, Texas 78745. Funding: This item has no fiscal impact.
De
Lead Department
Austin Housing
Fiscal Note
This item has no fiscal impact.
For More Information:
Deletta Dean, Director, Austin Housing, 512-978-1410; or Mandy DeMayo, Deputy Director, Austin Housing, 512-974-1091
Additional Backup Information:
The Lenora, LLC, or an affiliated entity, has or will submit an application to the Texas Department of Housing and Community Affairs (TDHCA) for competitive 9% Low Income Housing Tax Credits. During the TDHCA scoring process, the applicant will receive a certain number of points based on Council’s action. An application that receives a resolution of support will receive more points than an application that receives no resolution or a resolution of no objection.
Staff recommends that Council support the proposed development because the proposed development is located in a High Opportunity Area, is within 0.5 miles walking distance of high-frequency transit, and proposes that no fewer than 70 percent of the units in the development include two or more bedrooms.
This resolution also acknowledges and confirms statements related to the location of the proposed development as required by the TDHCA. Specifically, this resolution acknowledges and confirms that the City has more than twice the state average of units per capita supported by Housing Tax Credits or private activity bonds.
The proposed development will be located at or near 4507 Menchaca Road, Austin, Texas, 78745, which is located in Council District 5. The target population for the proposed development, as will be presented to the TDHCA, is the general population. The proposed development currently envisions a total of 39 units, four of which will be affordable to households earning at or below 30 percent of the Area Median Family Income (MFI), 18 of which will be affordable to households earning at or below 50 percent MFI, 14 of which will be affordable to households earning at or below 60 percent MFI, and three of which will be affordable to households earning at or below 80 percent MFI.
The applicant intends to apply for $4,445,000 in gap financing from the Austin Housing Finance Corporation for the proposed development. This Council action is unrelated to and will have no impact on future funding requests.
More information on the proposed development, socioeconomic characteristics, and amenities in the surrounding area can be found at <https://www.austintexas.gov/page/9-tax-credit-resolution-requests>.