Posting Language
Title
Approve a resolution authorizing the issuance of Austin Housing Finance Corporation Multifamily Housing Revenue Bonds in an aggregate principal amount up to $33,000,000 to Elm Ridge Preservation, LP, or an affiliated entity, to finance the acquisition and rehabilitation of Elm Ridge Apartments located at or near 1190 Airport Boulevard, Austin, Texas 78702; approving related documents, in substantially the form attached to the resolution; and authorizing specific named representatives of the Austin Housing Finance Corporation to execute the documents relating to issuance of the bonds and closing the transaction. Funding: This item has no fiscal impact.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
May 28, 2026 - Austin City Council (Council) Conducted a public hearing and approved a resolution related to an application by Elm Ridge Preservation, LP, or an affiliated entity, for 4% Non-Competitive Housing Tax Credits for the acquisition and rehabilitation of a multifamily development to be financed through the private activity bond program and to be known as Elm Ridge Apartments, located at or near 1190 Airport Boulevard, Austin, Texas 78702.
For More Information:
Deletta Dean, Treasurer, Austin Housing Finance Corporation, 512-978-1410.
Council Committee, Boards and Commission Action:
May 07, 2026 - Austin Housing Finance Corporation (AHFC) approved an inducement resolution related to an application for private activity bond financing that authorized an allocation of up to $33,000,000 in private activity volume cap multifamily non-recourse bonds to Elm Ridge Preservation, LP, or an affiliated entity, for a proposed rehabilitation of an affordable multifamily development known as Elm Ridge Apartments, located at 1190 Airport Boulevard, Austin, Texas 78702.
Additional Backup Information:
If approved, this action authorizes AHFC to issue up to $33,000,000 in multifamily housing non-recourse bonds to provide interim and permanent financing for the acquisition and rehabilitation of Elm Ridge Apartments. The property is located in Council District 1.
Project Proposal
Elm Ridge Preservation, LP, an affiliate of Belveron Partners and Rainbow Housing, is planning to acquire and rehabilitate Elm Ridge Apartments, a 130-unit multifamily project, located at 1190 Airport Boulevard, Austin, Texas 78702. The community will include 130 units affordable to households earning at or below 60 percent of the area median family income.
Financing for the development is proposed to be partially funded with 4% Non-Competitive Housing Tax Credits and private activity bonds issued by AHFC.
Property Tax Impact
An affiliate of Rainbow Housing will be the General Partner of the development’s owner, thereby allowing for a partial property tax exemption.
For more information on the proposed development, as well as socioeconomic characteristics and amenities in the surrounding area, please see the project’s development application here: https://www.austintexas.gov/housing/low-income-housing-tax-credits-and-private-activity-bond-resolution-applications.