Posting Language
Title
Authorize negotiation and execution of a new or amended loan agreement and related documents with Cairn Point Montopolis, LP, or an affiliated entity, in the amount of $2,000,000, for a total loan amount not to exceed $8,000,000, for a multifamily rental development to be known as Cairn Point Montopolis, located at or near 1013 Montopolis Drive, Austin, Texas 78741. Funding is available in the Fiscal Year 2024-2025 Capital Budget of the Austin Housing Finance Corporation.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
Funding is available in the Fiscal Year 2024-2025 Capital Budget of the Austin Housing Finance Corporation.
For More Information:
Mandy DeMayo, Treasurer, Austin Housing Finance Corporation, 512-974-1091
Council Committee, Boards and Commission Action:
February 29, 2024 - The Austin Housing Finance Corporation (AHFC) Board of Directors authorized negotiation and execution of a loan agreement and related documents with The Vecino Group, LLC, or an affiliated entity, in an amount not to exceed $6,000,000 for the development of rental housing to be known as Cairn Point Montopolis, located at 1013 Montopolis Drive, Austin, Texas 78741.
Additional Backup Information:
The borrower is now Cairn Point Montopolis, LP, a Texas limited partnership formed for the development, and is an affiliate of The Vecino Group, LLC. If approved, AHFC will be authorized to enter into a loan agreement not to exceed $8,000,000 with Cairn Point Montopolis, LP, or an affiliated entity, for a multifamily rental development to be located in Council District 3.
Current Funding Request: $2,000,000
$1,100,000 - 2022 General Obligation Bonds
$900,000 - Downtown Density Bonus Program - Permanent Supportive Housing
Prior Funding Award: $6,000,000 - 2022 General Obligation Bonds
Development Information: Funding will be utilized for development costs for a 150-unit multifamily supportive housing development. Twenty-three (23) units wi...
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