Posting Language
Title
Authorize negotiation and execution of a loan agreement and related documents with Verbena Flats LP, or an affiliated entity, in an amount not to exceed $8,000,000 for a multifamily rental development to be known as Verbena Flats, located at or near 1017 West Slaughter Lane, Austin, Texas 78748. Funding: Funding in the amount of $8,000,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation using 2022 General Obligation Bonds.
De
Lead Department
Austin Housing Finance Corporation
Fiscal Note
Funding: Funding in the amount of $8,000,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation using 2022 General Obligation Bonds.
For More Information:
Deletta Dean, Treasurer, Austin Housing Finance Corporation, 512-978-1410; or Mandy DeMayo, Deputy Director, Austin Housing, 512-974-1091.
Additional Backup Information:
If approved, Austin Housing Finance Corporation will be authorized to enter into a loan agreement and related documents with Verbena Flats LP, or an affiliated entity, for a multifamily rental development to be located in Council District 5.
Current Funding Request: $8,000,000 (2022 General Obligation Bonds)
Development Information: Funding will be utilized for development costs of a 328-unit multifamily housing development. Seven units will be available for rent to households earning at or below 30 percent of the Median Family Income (MFI), seven units will be available for rent to households earning at or below 40 percent MFI, 97 units will be available for rent to households earning at or below 50 percent MFI, and 217 units will be available for rent to households earning at or below 60 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>