Posting Language
Title
Approve a resolution authorizing the formation of AHFC Balcones Terrace 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 Balcones Terrace Non-Profit Corporation to acquire a former hotel located at 10024 North Capital of Texas Highway, Austin, Texas from an affiliate of Foundation Communities, Inc., and then lease it back to such affiliate which will develop, rehabilitate, manage and operate the development as a residential rental development and lease its units to qualified tenants who have experienced 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 Balcones Terrace 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 Townplace Suites, located at 10024 North Capital of Texas Highway North, Austin, Texas, from an affiliate of Foundation Communities, Inc.; and (2) to lease the hotel back to such affiliate, which will convert the hotel to a rental development with 123 fully-furnished, efficiency apartments. The affiliate of Foundation Communities, Inc. wil...
Click here for full text