Posting Language
Title
Authorize negotiation and execution of a loan agreement and related documents with FC Bloom Housing, LP, or an affiliated entity, in an amount not to exceed $5,500,000 for a multifamily rental development to be known as The Bloom at Lamar Square, located at or near 1326 and 1328 Lamar Square Drive, Austin, Texas 78704. Funding: $5,500,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
Funding in the amount of $5,500,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation.
For More Information:
Deletta Dean, Treasurer, Austin Housing Finance Corporation, 512-978-1410; or Mandy DeMayo, Deputy Director, Austin Housing, 512-974-1091.
Council Committee, Boards and Commission Action:
May 8, 2025 - The Austin Housing Finance Corporation (AHFC) Board authorized negotiation and execution of a loan agreement and related documents with FC Bloom Housing, LP, or an affiliated entity, in an amount not to exceed $5,500,000 for a multifamily rental development to be known as The Bloom at Lamar Square (The Bloom), located at or near 1326 and 1328 Lamar Square Drive, Austin, Texas 78704.
Additional Backup Information:
If approved, AHFC will be authorized to enter into a loan agreement with FC Bloom Housing, LP, or an affiliated entity, for a multifamily rental development to be located in Council District 9.
Current Funding Request: $5,500,000 2022 General Obligation (GO) Bonds
Development Information: The AHFC Board previously approved the $5,500,000 in funding for The Bloom, with the funding to be utilized for the following unit mix:
Median Family Income (MFI)
Units
30%
15
50%
36
60%|1010|Total Units
56
Since that time, the planned total unit count for The Bloom has increased from 56 to 58 units, with the two additional units planned to be available for rent to households earning...
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