Posting Language
Title
Approve a resolution which approves the issuance by the Austin Housing Public Facility Corporation of multi-family housing revenue bonds in an aggregate principal amount up to $20,000,000 to Cairn Point at Cameron, LP, or an affiliated entity, and approves the execution by the Austin Housing Public Facility Corporation of related documents, in substantially the form attached to the resolution, to provide financing for the development of Cairn Point at Cameron, located at or near 7205 Cameron Road, Austin, Texas 78752.
De
Lead Department
Housing Department.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
February 23, 2023 - Council authorized negotiation and execution of a housing assistance payment contract and related documents with Cairn Point at Cameron, LP, or an affiliated entity, for 100 local housing vouchers that will pay fair market rent for a multi-family rental development to be known as Cairn Point at Cameron, located at or near 7205 Cameron Road, Austin, Texas 78752.
February 23, 2023 - Council conducted a public hearing and approved a resolution related to the allocation of housing tax credits and private activity bonds and the application by Cairn Point at Cameron, LP, or an affiliated entity, for a proposed development to be located at or near 7205 Cameron Road, Austin, Texas 78752, and financed through the private activity bond program.
February 9, 2023 - Council set a public hearing related to an application by Cairn Point at Cameron, LP, or an affiliated entity, for housing tax credits for a multi-family development to be financed through the private activity bond program and to be known as Cairn Point at Cameron, located at or near 7205 Cameron Road, Austin, Texas 78752.
For More Information:
Rosie Truelove, Director, Housing Department, 512-974-3064; Mandy DeMayo, Deputy Director, Housing Department, 512-974-1091.
Council Committee, Boards and Commission Action:
May 4, 2023 - The Austin Housing Public Facility Corporation (AHPFC) Board conducted a public hearing related to the issuance by AHPFC of up to $20,000,000 of multi-family housing revenue bonds to Cairn Point at Cameron, LP, or an affiliated entity, to finance the construction of a multi-family housing development to be known as Cairn Point at Cameron located at or near 7205 Cameron Road, Austin, Texas 78752.
December 1, 2022 - The Austin Housing Finance Corporation (AHFC) Board approved a resolution authorizing the formation of AHFC Cairn Point Non-Profit Corporation, a Texas nonprofit corporation and instrumentality of AHFC; approving the forms of its certificate of formation and by-laws; appointing its Board of Directors and President; and authorizing AHFC Cairn Point Non-Profit Corporation to act as general partner or controlling member of the general partner of the limited partnership that will own Cairn Point at Cameron Road, located at or near 7205 Cameron Road Austin, Texas 78752.
September 29, 2022 - The AHPFC Board approved Resolution No. 20220929-AHPFC003 related to an application for private activity bond financing that authorizes an allocation of up to $20,000,000 in private activity volume cap multi-family non-recourse bonds to Cairn Point at Cameron, LP, or an affiliated entity, for a proposed affordable multi- family development to be known as Cairn Point at Cameron Road, located at 7205 Cameron Road, Austin, Texas 78752.
Additional Backup Information:
Under Texas Local Government Code Chapter 303, the Public Facility Corporation Act, Council, as the Sponsor of AHPFC, must approve AHPFC’s issuance of up to $20,000,000 in multi-family housing non-recourse bonds to provide interim and permanent financing for the rehabilitation of a multi-family housing development to be known as Cairn Point at Cameron. The AHPFC Board will vote separately to approve the issuance of private activity bonds. The property is located in Council District 4.
Proposed Development
Cairn Point at Cameron, LP, which is an affiliate of The Vecino Group and AHFC, is planning to construct Cairn Point at Cameron, a 150-unit multi-family project located at 7205 Cameron Road, Austin, Texas 78752. The community will be affordable to households earning at or below 50 percent of the Area Median Family Income. The intended target population of the development is the elderly population. Caritas of Austin will provide on-site supportive services.
The development is proposed to be partially funded with 4% Low-Income Housing Tax Credits, tax-exempt private activity bonds issued by AHPFC, and Rental Housing Development Assistance funding from AHFC.
Current Property Tax Status and Future Impact
The general partner of the development’s partnership will be an affiliate of AHFC. Because of the affiliation with AHFC, the property will be exempt from property tax.
AHFC, The Vecino Group, and Caritas of Austin
The general partner of the limited partnership is made up of an LLC with AHFC as the sole member and manager. The Vecino Group will be an Administrative Limited Partner. AHFC (or an affiliate) will serve as General Contractor for the project. Caritas of Austin will have on-site staff offering free, multi-disciplinary services designed to support residents and build well-being.
The Vecino Group is a company devoted to development projects that address a broader community issue, set an example, give back and inspire. They have 18 supportive housing communities in seven states, with 1,196 units of housing to end homelessness. This is The Vecino Group’s third project in Texas; however, the firm has vast experience entering new markets, the housing tax credit program, and making an impact.
Caritas of Austin has been a pillar in the Austin community since its founding in 1964. Since the outset, it has worked to assist those community members who need help in rebuilding their foundation: homeless, veterans, refugees, youth, single mothers, and those with a disability and/or mental health challenges. Caritas of Austin uses a community-based approach to make social service provision calculated and efficient. For 15 years, Caritas of Austin has operated supportive housing through various leasing partnerships across the city of Austin.
The proposed development’s application to the City, as well as socioeconomic information and amenities in the surrounding area, may be found at
https://www.austintexas.gov/sites/default/files/files/Housing_%26_Planning/Public%20PAB%20Application%20-%20Cairn%20Point%20at%20Cameron.pdf.