Posting Language
Title
Authorize negotiation and execution of all documents and instruments necessary or desirable to sell and convey approximately 0.16 acres (7,000 square feet) of land located at 2801 Castro Street, Austin, Texas, 78702, being 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.
De
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 Watershed Protection Department will pay the closing costs associated with the conveyance at a cost estimated not to exceed $3,000.
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 t...
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