Posting Language
Title
Approve a resolution of support for the development, Arbor Park, located at or near 6306 McNeil Drive, Austin, Texas 78729, to satisfy state administrative rules relating to a change to the ownership structure of a competitive housing tax credit development by the addition of Strategic Housing Finance Corporation, a housing finance corporation that will result in a 100 percent property tax exemption. Funding: This action will result in a 100 percent exemption from the City's portion of property taxes resulting in unrealized revenue and will aid in the development and preservation of long-term affordable housing.
De
Lead Department
Austin Housing Finance Corporation.
Fiscal Note
This action will result in a 100 percent exemption from the City's portion of property taxes resulting in unrealized revenue and will aid in the development and preservation of long-term affordable housing.
For More Information:
Deletta Dean, Director, Austin Housing, 512-978-1410.
Prior Council Action:
February 6, 2020 - Council approved Resolution No. 20200206-017 related to an application by DMA Development Company, LLC, or an affiliated entity, for competitive 9 percent housing tax credits for a new construction development to be known as Arbor Park, located at or near 6306 McNeil Drive; and related to the allocation of housing tax credits within the City and near the proposed development.
Boards and Commission Action:
April 9, 2020 - Austin Housing Finance Corporation approved an inducement resolution for private activity bond financing to be submitted to the Texas Bond Review Board for an allocation of up to $18,500,000 in private activity volume cap multifamily non-recourse bonds, for a proposed affordable multifamily development to be known as Arbor Park, located at or near 6306 McNeil Drive, Austin, Texas, 78729.
Additional Backup Information:
Austin McNeil DMA Housing, LLC, (the Owner) is developing Arbor Park partially funded by 9percent Low Income...
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