Posting Language
Title
Conduct a public hearing and consider a resolution related to an application by AMTEX Manor Fund LP, or an affiliated entity, for 4% Low Income Housing Tax credits for the construction of a multi-family development to be financed through the private activity bond program and to be known as Manor Apartments, located within the City at or near 6705 Manor Road, Austin, Texas 78723. Funding: This item has no fiscal impact.
De
Lead Department
Housing Department
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
May 02, 2024 - Council approved a resolution related to an application by AMTEX Multi-Housing LLC, or an affiliated entity, for housing tax credits for a multifamily development to be financed through the private activity bond program and to be known as Manor Apartments, located at or near 6705 Manor Road, Austin, Texas 78723.
March 25, 2021 - Council approved a resolution related to an application by AMTEX Multi-Housing LLC, or an affiliated entity, for housing tax credits for a multifamily development to be financed through the private activity bond program and to be known as Manor Apartments, located at 6705 Manor Road, Austin, Texas 78723.
For More Information:
Mandy DeMayo, Interim Director, Housing Department, 512-974-1091.
Additional Backup Information:
This action conducts a public hearing on an application that will be, or has been, submitted to the Texas Department of Housing and Community Affairs (TDHCA). The applicant, AMTEX Manor Fund, LP, or an affiliated entity, seeks funding for the development through 4% Low Income Housing Tax Credits (4% LIHTCs) and private activity bonds. After the public hearing, Council will consider a resolution related to the proposed application.
Council previously approved a related resolution in 2024. This Council action will approve an updated version of the 2024 resolution which will include language to acknowledge that the proposed development is located one linear mile or less from a development that has received an allocation of Housing Tax Credits for the same target population within the last three years. This update is required by TDHCA after a development triggering this requirement was completed following Council’s previous action.
The property is located within the City in Council District 1.
Proposed Development
AMTEX Manor Fund, LP, which is an affiliate of AMTEX Housing, is planning to develop a 181-unit multifamily development to be located at 6705 Manor Road, Austin, Texas 78723. The community will include 18 units affordable to households earning at or below 30 percent of the Area Median Family Income (MFI), 72 units affordable to households earning at or below 50 percent MFI, and 91 units affordable to households earning at or below 60 percent MFI. The intended target population of the development is the general population.
Financing for the development is proposed to come in part from 4% LIHTCs and private activity bonds issued by Travis County Housing Finance Corporation (Travis County HFC).
An affiliate of Travis County HFC will be the general partner of the development’s partnership, thereby allowing for a full property tax exemption. The applicant intends to apply for $5,000,000 in gap financing from the Austin Housing Finance Corporation. This Council action is unrelated to and will have no impact on future financing requests.
The proposed development’s application to the City, as well as socioeconomic information and amenities in the surrounding area, may be found at <https://www.austintexas.gov/page/low-income-housing-tax-credits-and-private-activity-bond-resolution-applications>.