Posting Language
Title
Approve a resolution authorizing the execution of an Affordable Housing Program Agreement, Affordable Housing Program documents, and related documents to obtain a $2,000,0000 loan or grant from the Federal Home Loan Bank of Dallas for the development known as The Roz located at or near 3435 Parker Lane, Austin, Texas 78741. This item has no fiscal impact.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
February 9, 2023 - City Council approved Resolution No. 20230209-023 related to an application by The Roz Parkside, LP, or an affiliated entity, for 9% Low Income Housing Tax Credits for a new construction development to be known as The Roz, located at or near 3435 Parker Lane, Austin, Texas 78741, and related to the allocation of housing tax credits within the City and near the proposed development.
For More Information:
Mandy DeMayo, Treasurer, Austin Housing Finance Corporation, 512-974-1091
Council Committee, Boards and Commission Action:
August 31, 2023 - Austin Housing Finance Corporation (AHFC) authorized negotiation and execution of a loan agreement and related documents with The Roz Parkside, LP, or an affiliated entity, in an amount not to exceed $5,500,000 for a multi-family rental development known as The Roz located at or near 3435 Parker Lane, Austin, Texas 78741.
February 23, 2023 - AHFC authorized negotiation and execution of a Housing Assistance Payment Contract and related documents with The Roz Parkside, LP, or an affiliated entity, for 60 Local Housing Vouchers that will pay fair market rent for a multi-family rental development to be known as The Roz, located at or near 3435 Parker Lane, Austin, Texas 78741.
December 21, 2022 - AHFC approved a resolution authorizing the formation of AHFC Mabel Davis Non-Profit Corporation, a Texas nonprofit corporation and instrumentality of the Austin Housing Finance Corporation; approving the form of its certificate of formation and by-laws; appointing its Board of Directors and President; and authorizing AHFC Mabel Davis Non-Profit Corporation to act as general partner or managing member (or controlling member of general partner or managing member) of the entity that will own an approximately 90- to 110-unit multifamily rental development, located at or near 3435 Parker Lane, Austin, Texas 78741.
June 16, 2022 - AHFC authorized negotiation and execution of all documents and instruments necessary or desirable for AHFC, or an affiliate, to acquire in fee simple 4.447 acres out of Lot 2, Parker at Woodward Subdivision, a subdivision in Travis County, Texas, of record in Document No. 200100234, of the Official Public Records of Travis County, Texas, located at 2000 Woodward Street, Austin, Texas 78747 for affordable housing purposes, in an amount not to exceed $2,600,000, plus closing costs. District(s) Affected: (District 3).
June 16, 2022 - AHFC approved a resolution authorizing the formation of AHFC City View Non-Profit Corporation, a Texas nonprofit corporation and instrumentality of the Austin Housing Finance Corporation to develop low-income housing; approving the forms of its certificate of formation and by-laws, and appointing its Board of Directors and President, for the purpose of acquiring the general partner interest in the limited partnership that is the owner of a leasehold interest in a 70-unit multifamily rental development known as City View Apartments, located at 2000 Woodward Street, Austin, Texas, 78741.
Additional Backup Information:
If approved, this action will authorize Mandy DeMayo, on behalf of AHFC, to complete and execute an Affordable Housing Program Agreement and Affordable Housing Program documents and submit them to the Federal Home Loan Bank of Dallas. Once the Affordable Housing Program Agreement is executed and submitted, Bank OZK will provide AHFC with a $2,000,000 loan or grant. This loan or grant will be used as the source of funds from AHFC to make a loan to The Roz Parkside, LP, and may be used to pay for development costs, including construction costs. The Roz Parkside, LP, will be responsible for repaying the loan to AHFC from the revenue generated from the development.
Development
The Roz is a new construction, affordable multifamily development that will provide approximately 100 units. All units will be reserved for persons experiencing homelessness through Austin’s Continuum of Care. The development consists of one elevator-served building with the following unit income mix: (i) 20 units will be reserved for individuals with incomes at or below 30 percent medium family income (MFI), (ii) 60 units will be reserved for individuals with incomes at or below 50 percent MFI, and (iii) 20 units will be reserved for individuals with incomes at or below 60 percent MFI. Financing for the development is sourced from 9% Low Income Housing Tax Credits, a Rental Housing Development Assistance subordinate loan from AHFC, a construction loan, and a deferred developer fee. With the award of a $2,000,000 loan or grant from the Federal Home Loan Bank of Dallas, AHFC will in turn provide this $2,000,000 to The Roz Parkside, LP, as a loan or grant.