Posting Language
Title
Authorize payment of the balance of the commercial loan from Broadway National Bank to AHFC Villa Del Rey Non-Profit Corporation, an affiliate of Austin Housing Finance Corporation, obtained for the acquisition of, and repairs to, Villa del Rey, a multifamily, apartment complex, located at 4000 Avenue A, Austin, Texas 78751, in an amount not to exceed $2,428,685. Funding: Funding in the amount of $2,428,685 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
Funding in the amount of $2,428,685 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation through GO Bonds.
For More Information:
Deletta Dean, Treasurer, Austin Housing Finance Corporation, 512-974-1410
Mandy DeMayo, Deputy Director, Housing Department, 512-974-1091.
Council Committee, Boards and Commission Action:
December 8, 2022 - Austin Housing Finance Corporation (AHFC) authorized negotiation and execution of all documents and instruments necessary or desirable for AHFC, or its affiliates, to acquire solely, or in joint partnership, fee simple interest in multifamily apartments located at or near 1100 E. 32nd Street, Austin, Texas, 78722; 4000 Avenue A, Austin, Texas, 78751; 4415 Avenue B, Austin, Texas, 78751; 1037 E. 44th Street, Austin, Texas, 78751; 4100 Avenue A, Austin, Texas, 78751; 609 E. 45th Street, Austin, Texas, 78751; 4209 Speedway, Austin, Texas, 78751; 6000, 6008, and 6010 North Lamar Blvd., Austin, Texas, 78752; and 4200 and 4208 Avenue A, Austin, Texas, 78751 for affordable housing purposes, in an amount not to exceed $19,000,000, plus closing costs not to exceed $400,000. District(s) Affected: District 7, District 9.
December 8, 2022 - AHFC approved a resolution authorizing the formation of AHFC Villa Del Rey Non-Profit Corporation, a Texas nonprofit corporation and instrumentality of the Austin Housing Finance Corporation; approving the forms of its certificate of formation and by-laws; appointing its Board of Directors and President; and authorizing AHFC Villa Del Rey Non-Profit Corporation to acquire, rehabilitate, operate, and manage property located at or near 4000 Avenue A, Austin, Texas 78751. District(s) Affected: District 7, District 9.
Additional Backup Information:
This item requests AHFC to pay the balance of the commercial loan from Broadway National Bank that funded the acquisition of, and repairs to, Villa Del Rey, a multifamily, apartment complex (the Property) owned by AHFC Villa Del Rey Non-Profit Corporation (NPC) located at 4000 Avenue A, Austin, Texas 78751.
In May 2023, the NPC acquired the Property as part of a 10-piece property acquisition to preserve naturally affordable housing in Central Austin.
Broadway National Bank provided funds to the NPC to pay a portion of the acquisition price and repairs to the Property. The Property consists of 32 units, 100 percent of which are affordable in the 50 to 60 percent median family income range. Current market conditions warrant removing the Property’s financing debt in order to continue operating at this depth of affordability and to make long-term disposition plans for the Property. The payments on this loan are interest only, and the loan matures on June 1, 2026. There is no prepayment penalty.