Posting Language
Title
Approve a resolution authorizing the formation of AHFC Sunset Ridge Nonprofit Corporation, a Texas nonprofit corporation and instrumentality of the Austin Housing Finance Corporation; approving the form of its certificate of formation and bylaws; authorizing a ground lease; appointing its board of directors and president; and authorizing AHFC Sunset Ridge Nonprofit Corporation to act as general partner, or managing member, of the entity that will own an approximately 364 to 444-unit multifamily rental development located at 8413 Southwest Parkway, Austin, Texas 78735. This item has no fiscal impact.
De
Lead Department
Austin Housing Finance Corporation
Fiscal Note
This item has no fiscal impact.
For More Information:
Mandy DeMayo, Treasurer, Austin Housing Finance Corporation, 512-974-1091.
Council Committee, Boards and Commission Action:
February 29, 2024 - Austin Housing Finance Corporation approved authorization to negotiate and execute a loan agreement and related documents with Manifold Sunset Ridge LIHTC, LLC, or an affiliated entity, in an amount not to exceed $8,885,000, for the development of rental housing.
Additional Backup Information:
This item requests the Austin Housing Finance Corporation (AHFC) to approve a resolution authorizing the formation of the AHFC Sunset Ridge Nonprofit Corporation (Nonprofit Corporation); approve the form of its Certificate of Formation and Bylaws; authorize a ground lease; appoint the Board of Directors and President of the Nonprofit Corporation; and authorize the Nonprofit Corporation to serve as general partner, or managing member, of the entity that will own the multifamily rental development (the Owner) located at 8413 Southwest Parkway, Austin, Texas 78735. It is anticipated that AHFC will own the land upon which the development is located and AHFC will ground lease it to the Owner.
The proposed form of the Certificate of Formation and the Bylaws for the Nonprofit Corporation are a...
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