Posting Language
Title
Approve a resolution consenting to the issuance of multifamily private activity bonds by Austin Affordable PFC, Inc., an affiliate of the Housing Authority of the City of Austin, in an amount not to exceed $5,000,000 to finance, in part, the new construction of an affordable rental development to be known as Bridge at Canyon View, located at or near 4506 East William Cannon Drive, Austin, Texas 78744. Funding: This item has no fiscal impact.
De
Lead Department
Housing Department.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
February 9, 2023 - Council approved Resolution No. 20230209-018 consenting to the issuance of multifamily private activity bonds, in an amount not to exceed $5,000,000, by Austin Affordable PFC, Inc., an affiliate of the Housing Authority of the City of Austin (HACA), to finance, in part, new construction of an affordable rental development to be known as Bridge at Canyon View, located at or near 4506 East William Cannon Drive, Austin, Texas 78744.
June 20, 2019 - Council conducted a public hearing related to an application by Bridges at Canyon View, LP, 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 Bridge at Canyon View, located near 4506 East William Cannon Drive, Austin, Texas 78744, and approved Resolution No. 20190620-115 acknowledging certain facts related to the allocation of housing tax credits and private activity bonds within the City and near the proposed development.
June 19, 2019 - Council approved Resolution No. 20190619-031 consenting to the issuance of up to $25,000,000 in multifamily private activity bonds by Austin Affordable PFC, Inc., an affiliate of HACA, to finance, in part, the new construction of an affordable rental development, to be known as Bridge at Canyon View, located at or near 4506 East William Cannon Drive, Austin, Texas 78744.
January 28, 2016 - Council conducted a public hearing and approved Resolution No. 20160128-081 supporting an application to be submitted to the Texas Department of Housing and Community Affairs (TDHCA) by LDG Development, or an affiliated entity, for a proposed affordable multifamily development to be called the Cannon Woods Estates Apartments, located at 4506 East William Cannon Drive, Austin, Texas 78744.
For More Information:
Mandy DeMayo, Interim Director, Housing Department, 512-974-1091.
Additional Backup Information:
When this item was approved by Council on February 9, 2023, Austin Affordable PFC, Inc. (the Issuer) held a Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing for short-term bonds. Since that time, the maturity of the bonds has changed from short-term to long-term, requiring a new TEFRA hearing. The Issuer re-held the TEFRA hearing on November 15, 2024. This item affirms that a new TEFRA hearing was held. An additional public hearing conducted by Council is not required.
If approved, the resolution will allow the Issuer, a public facilities corporation created under Chapter 303 of the Texas Local Government Code and affiliated with HACA, to issue multifamily housing revenue bonds to help finance the new construction of a 215-unit multifamily rental development to be located in Council District 2.
The applicant for bond financing is Bridges at Canyon View, LP. The developer will also be applying for, or already has applied for, an award of non-competitive 4% Low Income Housing Tax Credits from TDHCA.
The Issuer has induced the issuance of up to $5,000,000 in multifamily housing revenue bonds that will partially fund the new construction of this rental development. On November 15, 2024, the Issuer re-held the public hearing required under TEFRA. A picture of the public notice of the TEFRA hearing and a transcript of the TEFRA hearing is included as backup.
TEFRA requires that the local governmental entity in which the project is located give its approval for the bonds to be issued. Approving the issuance of these bonds does not constitute any obligation of the City with respect to repayment of the bonds. Since the Issuer has demonstrated compliance with TEFRA, staff recommends approving the resolution.
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>