Posting Language
Title
Authorize negotiation and execution of all documents and instruments necessary or desirable to sell and convey approximately 0.0892 acres (3,885 square feet) of land located at 2801 Castro Street, Austin, Texas, 78702, being the remainder of Lot 24, Block 5 of Chernosky Subdivision No, 12, a subdivision of record in Volume 4, Page 235 of the Plat Records of Travis County, Texas, to the Austin Housing Finance Corporation, for the purpose of contracting with a local nonprofit organization to construct and maintain a minimum of two units of housing for low-income individuals and families on the property, for an amount not to exceed $3,000, including closing costs. Funding: $3,000 is available in the Capital Budget of the Watershed Protection Department.
Body
Lead Department
Financial Services Department
Fiscal Note
Funding is available in the Capital Budget of the Watershed Protection Department.
For More Information:
Michael Gates, Financial Services Department, 512-974-5639; Jorge Morales, Watershed Protection, 512-974-3438.
Additional Backup Information:
This disposition is a transaction between the City of Austin, as the seller, and Austin Housing Finance Corporation (AHFC), or its affiliate, as the purchaser, that will convey the property at a purchase price below its fair market value for affordable housing. Once the site is transferred, AHFC will contract with a local nonprofit organization to construct and maintain a minimum of two units of housing for low-income individuals and families.
The conveyance shall include following terms, so as to effectuate and maintain the public purpose:
* For not less than 40 years following the issuance of the certificate of occupancy, any rental units on the Property shall be reserved for rental by households earning no more than 50 percent of the Annual Median Family Income of the Austin-Round Rock Statistical Area, in accordance with the affordability requirements of the City's Rental Housi...
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