Posting Language
Title
Approve a resolution related to an application by FC Crossroads Housing, LP, or an affiliated entity, for competitive 9% Low Income Housing Tax Credits for reconstruction of a development to be known as Crossroads Redevelopment, located at or near 8801 McCann Drive, Austin, Texas 78757, and related to the allocation of housing tax credits within the City and near the proposed development. Funding: This item has no fiscal impact.
De
Lead Department
Housing Department
Fiscal Note
This item has no fiscal impact.
For More Information:
Mandy DeMayo, Interim Director, Housing Department, 512-974-1091.
Council Committee, Boards and Commission Action:
January 15, 2009 - The Austin Housing Finance Corporation (AHFC) Board of Directors approved the negotiation and execution of a loan to Foundation Communities, Inc., or its affiliate organization, under the Rental Housing Development Assistance Program, in an amount not to exceed $900,000 in compliance with applicable affordable housing general obligation bond financing requirements and performance goals, to refinance debt on a 92-unit multifamily property located at 8801 McCann Drive, Austin, Texas 78758 in order to provide 14 units to very low-income families.
Additional Backup Information:
FC Crossroads Housing, LP, or an affiliated entity, will submit an application to the Texas Department of Housing and Community Affairs (TDHCA) for competitive 9% Low Income Housing Tax Credits. The applicant will receive a certain number of points based on Council's action. During the TDHCA scoring process, an application that receives a resolution of support will receive more points than an application that receives a resolution of no objection.
Staff recommends that Council support the proposed development because it is located in a high opportunity Area, is located within 0.5 miles walking distance of high frequency transit, and is a rehabilitation of an existing affordable housing community.
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