Posting Language
Title
Authorize negotiation and execution of a new or amended loan agreement and related documents with Cairn Point Montopolis, LP, or an affiliated entity, in the amount of $2,000,000, for a total loan amount not to exceed $8,000,000, for a multifamily rental development to be known as Cairn Point Montopolis, located at or near 1013 Montopolis Drive, Austin, Texas 78741. 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:
February 29, 2024 - The Austin Housing Finance Corporation (AHFC) Board of Directors authorized negotiation and execution of a loan agreement and related documents with The Vecino Group, LLC, or an affiliated entity, in an amount not to exceed $6,000,000 for the development of rental housing to be known as Cairn Point Montopolis, located at 1013 Montopolis Drive, Austin, Texas 78741.
Additional Backup Information:
The borrower is now Cairn Point Montopolis, LP, a Texas limited partnership formed for the development, and is an affiliate of The Vecino Group, LLC. If approved, AHFC will be authorized to enter into a loan agreement not to exceed $8,000,000 with Cairn Point Montopolis, LP, or an affiliated entity, for a multifamily rental development to be located in Council District 3.
Current Funding Request: $2,000,000
$1,100,000 - 2022 General Obligation Bonds
$900,000 - Downtown Density Bonus Program - Permanent Supportive Housing
Prior Funding Award: $6,000,000 - 2022 General Obligation Bonds
Development Information: Funding will be utilized for development costs for a 150-unit multifamily supportive housing development. Twenty-three (23) units will be available for rent to households earning at or below 30 percent of the area Median Family Income (MFI), 57 units will be available for rent to households earning at or below 50 percent MFI, and 70 units will be available for rent at or below 60percent MFI. Sixty-five (65) units will be Continuum of Care units. The affordability period is 45 years.
Development Application: The proposed development’s application to the City may be found here: <http://www.austintexas.gov/page/current-applications>