Posting Language
Title
Approve a resolution authorizing the formation of AHFC Drowsy Willow Non-Profit Corporation, a Texas nonprofit corporation and instrumentality of the Austin Housing Finance Corporation; approving its certificate of formation and bylaws; appointing its board of directors and president; authorizing a ground lease; and authorizing AHFC Drowsy Willow Non-Profit Corporation to construct, finance, manage, and sell approximately 42 affordable, ownership units as part of a new Community Land Trust located at or near 5901 Drowsy Willow Trail, Austin, Texas 78744.
De
Lead Department
Austin Housing Finance Corporation
Fiscal Note
There is no Fiscal Impact.
For More Information:
Mandy DeMayo, Treasurer, Austin Housing Finance Corporation, 512-974-1091
Council Committee, Boards and Commission Action:
November 30, 2023: Austin Housing Finance Corporation (AHFC) authorized negotiation and execution of all necessary agreements and instruments with Industry ATX, or other qualified applicant, to develop affordable housing on approximately 2.7 acres located at or near 5901 Drowsy Willow Trail, Austin, Texas 78744. District(s) Affected: District 2.
August 26, 2021: AHFC authorized the negotiation and execution of all documents and instruments necessary or desirable to acquire approximately 2.7 acres for affordable housing purposes located at or near 5901 Drowsy Willow Trail, in an amount not to exceed $2,050,000, including closing costs. District(s) Affected: District 2.
Additional Backup Information:
This item requests AHFC to adopt a resolution authorizing the formation of the AHFC Drowsy Willow Non- Profit Corporation (Nonprofit Corporation); approve the forms of its Certificate of Formation and Bylaws; appoint the Board of Directors and President of the Nonprofit Corporation; authorize the Nonprofit Corporation to construct a Community Land Trust (CLT) development (Development); and authorize a ground lease. AHFC owns the land upon which the De...
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