Posting Language
Title
Authorize negotiation and execution of a loan agreement and related documents with Blackland Community Development Corporation, or an affiliated entity, in an amount not to exceed $1,013,750 for a multifamily rental development to be known as Austin Art Village, located at or near 1902 East 22nd Street, Austin, Texas 78722. Funding: $1,013,750 is available in the Fiscal Year 2026-2027 Grant Operating Budget of the Austin Housing Finance Corporation using HOME Community Housing Development Organization funds.
Body
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
Funding in the amount of $1,013,750 is available in the Fiscal Year 2026-2027 Grant Operating Budget of the Austin Housing Finance Corporation using HOME Community Housing Development Organization funds.
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 Blackland Community Development Corporation, or an affiliated entity, for a multifamily rental development to be located in Council District 1.
Current Funding Request: $1,013,750 (HOME Community Housing Development Organization (CHDO) funds)
Development Information: Funding will be utilized for development costs of a 9-unit multifamily housing development. All 9 units will be available for rent to households earning at or below 30 percent of the median family income. The affordability period is 99 years.
Development Application: The proposed development’s application to the City may be found here: <http://www.austintexas.gov/page/current-applications>