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File #: 23-3209   
Type: Consent Status: Agenda Ready
File created: 10/12/2023 In control: Austin Housing Finance Corporation
On agenda: 11/9/2023 Final action: 11/9/2023
Title: Authorize modification of the Restrictive Covenants Running with the Land on the property located at 8806 and 8807 Redfield Lane, Austin, Texas 78758 to remove the requirement that all 33 units on the property be leased to individuals exiting homelessness.
Indexes: District 4
Attachments: 1. Recommendation for Action
Date Action ByActionAction DetailsMeeting Details
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Posting Language
Title
Authorize modification of the Restrictive Covenants Running with the Land on the property located at 8806 and 8807 Redfield Lane, Austin, Texas 78758 to remove the requirement that all 33 units on the property be leased to individuals exiting homelessness.

De
Lead Department
Austin Housing Finance Corporation.

Fiscal Note
This item has no fiscal impact.

For More Information:
Rosie Truelove, Treasurer, Austin Housing Finance Corporation, (512) 974-3064; Karina Camara, Administrative Specialist, Housing Department, (512) 974-9370.

Council Committee, Boards and Commission Action:
November 18, 2021 - Austin Housing Finance Corporation (AHFC) approved negotiation and execution of a loan agreement and related documents with RGTP Real Estate, LLC, or an affiliated entity, in an amount not to exceed $2,850,000 for a permanent supportive housing development to be known as Redfield 34, located at or near 8806 and 8807 Redfield Lane, Austin, Texas 78758.

Additional Backup Information:
On December 1, 2021, AHFC provided a Rental Housing Development Assistance (RHDA) loan to FHADL Real Estate, LLC (FHADL), an affiliate of RGTP Real Estate, LLC, in the amount of $2,850,000 to acquire the Redfield 34 apartments, a 33-unit multifamily development located at 8806 and 8807 Redfield Lane, and to make renovations.

As a condition of providing the RHDA loan, AHFC placed restrictive covenants on the property requiring that:
1) all 33 units be leased to low-income households with annual incomes not exceeding 50 percent of the area median family income (MFI) and
2) the development includes 33 Continuum of Care units for homeless persons as set forth in the Memorandum of Understanding dated September 28, 2021, with Ending Community Homelessness Coalition (ECHO).

FHADL also obtained a loan from Clearinghouse Community Development Financial Institution (Clearinghouse) in the amount of $1,600,000 to rehabilitate the development.

On August 1, 2023, Clearinghou...

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