Posting Language
Title
Approve a resolution authorizing the formation of AHFC Bungalows Non-Profit Corporation, a Texas nonprofit corporation and instrumentality of the Austin Housing Finance Corporation to develop low-income housing; approving the forms of its certificate of formation and by-laws; appointing its Board of Directors and President; and authorizing AHFC Bungalows Non-Profit Corporation to acquire the former hotel previously known as the Texas Bungalows Hotel & Suites, located at 13311 Burnet Road, Austin, Texas, from the City of Austin, to contract with Integral Care to rehabilitate, develop, manage, and operate the facility as a residential rental development, and to lease its units to qualified tenants who have experienced permanent, chronic homelessness.
De
Lead Department
Housing and Planning Department.
Fiscal Note
This item has no fiscal impact.
For More Information:
Rosie Truelove, Treasurer, Austin Housing Finance Corporation, 512-974-3064; Mandy DeMayo, Interim Deputy Director, Housing and Planning Department, 512-974-1091.
Additional Backup Information:
This item requests the Austin Housing Finance Corporation (AHFC) Board of Directors to adopt a resolution approving the formation of the AHFC Bungalows Non-Profit Corporation (Non-Profit Corporation) which will develop low-income housing. The resolution also requests the Board of Directors to approve the form of the Non-Profit Corporation's Certificate of Formation and By-Laws; appoint the Board of Directors and President of the Non-Profit Corporation; and authorize the Non-Profit Corporation (1) to acquire the hotel formerly known as the Texas Bungalows Hotel & Suites, located at 13311 Burnet Road, Austin, Texas, (Development) from the City of Austin to convert the hotel to a rental development with 60 fully-furnished, efficiency apartments; (2) to contract with Integral Care to rehabilitate and operate the Development and provide onsite support services; and (3) to lease the Develop...
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