Posting Language
Title
Conduct a public hearing and consider a resolution related to an application by Parmer North Apartments, LP or an affiliated entity for housing tax credits for the construction of a multi-family development to be financed through the private activity bond program and to be known as Parmer North Apartments, located within the City at or near 1420 East Howard Lane, Pflugerville, Texas 78660. Funding: This item has no fiscal impact.
De
Lead Department
Housing Department.
Fiscal Note
This item does not require a financial contribution from the City and has no fiscal impact.
For More Information:
Mandy DeMayo, Interim Director, Housing Department, (512) 974-1091.
Additional Backup Information:
This action conducts a public hearing on an application that has been, or will be, submitted to the Texas Department of Housing and Community Affairs. The applicant, Parmer North Apartments, LP or an affiliated entity, seeks funding for the development through four percent Low Income Housing Tax Credits (LIHTC) and private activity bonds. After the public hearing, Council will consider a resolution related to the proposed application. The property is located within the City in Council District 7.
Proposed Development
Parmer North Apartments, LP, an affiliate of Journeyman Group, is planning to develop a 288-unit multi-family development to be located at 1420 E Howard Lane, Pflugerville, Texas 78660. The community will include 116 units affordable to households earning at or below 50 percent of the Area Median Family Income (MFI), 116 units affordable to households earning at or below 60 percent of the Area MFI, and 56 units affordable to households earning at or below 70 percent of the Area MFI. The intended target population of the development is the general population.
Financing for the development is proposed to come in part from four percent LIHTC and private activity bonds issued by the Travis County Housing Finance Corporation.
An affiliate of the Travis County Housing Finance Corporation will be the sole member of the general partner and the landowner under a ground lease structure, thereby allowing for a full property tax exemption. The applicant intends to apply for $3,000,000 in gap financing from the Austin Housing Finance Corporation. This Council action is unrelated to and will have no impact on future financing requests.
The proposed development’s application submitted to the City, as well as socioeconomic information and information regarding 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>