Posting Language
Title
Authorize negotiation and execution of a loan agreement and related documents with Austin Habitat for Humanity, Inc., or an affiliated entity, in an amount not to exceed $4,700,000, for an ownership housing development to be known as Goodnight Ranch, located at or near 5800 Rotunda View, Austin, Texas 78747. Funding: Funding in the amount of $4,700,000 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 $4,700,000 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 Austin Habitat for Humanity, Inc., or an affiliated entity, for an ownership housing development to be located in Council District 2.
Current Funding Request: $4,700,000 (2022 General Obligation Bonds)
Development Information: Funding will be utilized for development costs of a 47-unit ownership housing development. 47 units will be available for sale to households earning at or below 80 percent of the Median Family Income. The affordability period is 99 years.
Tax Exemption: A property tax exemption is anticipated through Travis County Appraisal District, where the unit value will be restricted to the affordable resale price during the affordability period.
Development Application: The proposed development’s application to the City may be found here: <http://www.austintexas.gov/page/current-applications>