Posting Language
Title
Approve a resolution authorizing the formation of AHFC Pecan Park PSH 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 Pecan Park PSH Non-Profit Corporation to acquire a former hotel, previously known as Candlewood Suites, located at 8000 Cross Park Drive, Austin, Texas, from the City of Austin, to contract with Family Eldercare to rehabilitate, develop, manage, and operate the facility as a residential rental development, and to lease is units to qualified tenants who have experienced 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 to approve the formation of the AHFC Pecan Park PSH 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 a former hotel formerly known as Candlewood Suites, located at 8000 Cross Park Drive, Austin, Texas, (Development) from the City of Austin to convert the hotel to a rental development with 75, fully furnished, efficiency apartments; (2) to contract with Family Eldercare to rehabilitate and operate the facility and provide onsite support services; and (3) to lease the Development as permanent suppo...
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