Posting Language
Title
Conduct a public hearing and consider a resolution related to an application by SL Easton Partners, LP, or an affiliated entity, for 4% Non-Competitive Housing Tax Credits for the construction of a multifamily development to be financed through the private activity bond program and to be known as Tapestry at Easton Park, located at or near 7504 Cota Vista Drive, Austin, Texas 78744. Funding: This item has no fiscal impact.
De
Lead Department
Housing Department
Fiscal Note
This item has no fiscal impact.
For More Information:
Deletta Dean, Director, Housing Department, 512-978-1410; or
Mandy DeMayo, Deputy Director, Housing Department, 512-974-1091.
Additional Backup Information:
This action conducts a public hearing on an application that will be, or has been, submitted to the Texas Department of Housing and Community Affairs. The applicant, SL Easton Partners, LP, or an affiliated entity, seeks funding for the development through 4% Non-Competitive Housing Tax Credits (4% HTCs) 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 2.
Proposed Development
SL Easton Partners, LP, which is an affiliate of Streamline Advisory Partners, is planning to construct a 323-unit multifamily development to be located at or near 7504 Cota Vista Drive, Austin, Texas 78744. The target population for the development is the general population. The community will include 323 units affordable to households earning at or below 60 percent of the Area Median Family Income (MFI).
Financing for the development is proposed to come in part from 4% HTCs and private activity bonds issued by Travis County Housing Finance Corporation.
An affiliate of Travis County Housing Finance Corporation will be the General Partner of the development’s partnership and the landowner under a ground lease structure, thereby allowing for a full property tax exemption. No funding from the Ausitn Housing Finance Corporation is being requested.
The proposed development’s application to the City, as well as socioeconomic characteristics and amenities in the surrounding area, can be found at <https://www.austintexas.gov/page/low-income-housing-tax-credits-and-private-activity-bond-resolution-applications>.