Posting Language
Title
Authorize negotiation and execution of a loan agreement and related documents with Foundation Communities, Inc., or an affiliated entity, in an amount not to exceed $7,920,000 for a multifamily rental development to be known as Jordan II, located at or near 2701 1/2 Philomena Street, Austin, Texas 78723. Funding: $7,920,000 is available in the Fiscal Year 2026-2027 Capital Budget of the Austin Housing Finance Corporation using 2022 General Obligation Bonds.
Body
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
Funding: Funding in the amount of $7,920,000 is available in the Fiscal Year 2026-2027 Capital Budget of the Austin Housing Finance Corporation using 2022 General Obligation Bonds.
For More Information:
Deletta Dean, Treasurer, 512- 978-1410.
Additional Backup Information:
If approved, Austin Housing Finance Corporation will be authorized to enter into a loan agreement and related documents with Foundation Communities, Inc., or an affiliated entity, for a multifamily rental development to be located in Council District 9.
Current Funding Request: $7,920,000 (2022 General Obligation Bonds)
Development Information: Funding will be utilized for development costs of a 66-unit multifamily housing development. Twenty-seven units will be available for rent to households earning at or below 30 percent of the median family income (MFI), and 39 units will be available for rent to households earning at or below 50 percent MFI. The affordability period is 40 years.
Development Application: The proposed development’s application to the City may be found here: <http://www.austintexas.gov/page/current-applications>