Posting Language
Title
Authorize negotiation and execution of a loan agreement and related documents with South First Affordable Partners LP, or an affiliated entity, in an amount not to exceed $4,950,000 for a multifamily rental development to be known as South First Affordable Apartments, a scattered-site project, located at or near 714 Turtle Creek Boulevard, Austin, Texas 78745 and 5609 Cougar Lane, Austin, Texas 78745. Funding: Funding in the amount of $4,950,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation using $3,559,827 from 2018 General Obligation Bonds and $1,390,173 from 2022 General Obligation Bonds.
De
Lead Department
Austin Housing Finance Corporation
Fiscal Note
Funding: Funding in the amount of $4,950,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation using $3,559,827 from 2018 General Obligation Bonds and $1,390,173 from 2022 General Obligation Bonds.
For More Information:
Deletta Dean, Treasurer, Austin Housing Finance Corporation, 512-978-1410; or Mandy DeMayo, Deputy Director, Austin Housing, 512-974-1091.
Additional Backup Information:
If approved, Austin Housing Finance Corporation will be authorized to enter into a loan agreement and related documents with South First Affordable Partners LP, or an affiliated entity, for a multifamily rental development to be located in Council District 2.
Current Funding Request: $3,559,827 (2018 General Obligation Bonds) and $1,390,173 (2022 General Obligation Bonds).
Development Information: Funding will be utilized for development costs for rehabilitation of two multifamily housing properties with a total of 125 units across both properties. 19 units will be available for rent to households earning at or below 30 percent of the Median Family Income (MFI), 44 units will be available for rent to households earning at or below 50 percent MFI, and 62 units will be available for rent to households earning at or below 60 percent MFI. The affordability period is 40 years.
Tax Exemption: A 50 percent property tax exemption is anticipated through nonprofit ownership of the property under Section 11.18 of the Texas Tax Code.
Development Application: The proposed development’s application to the City may be found here: <http://www.austintexas.gov/page/current-applications>