Posting Language
Title
Approve a resolution consenting to the issuance of Multi-family Private Activity Bonds, in an amount not to exceed $3,000,000, by Austin Affordable PFC, Inc., an affiliate of the Housing Authority of the City of Austin, to finance, in part, the new construction of an affordable rental development located at or near 6420 Loyola Lane, Austin, Texas 78724.
De
Lead Department
Housing and Planning Department.
Fiscal Note
This item has no fiscal impact.
For More Information:
Rosie Truelove, Director, Housing and Planning Department, 512-974-3064; Mandy DeMayo, Deputy Director, Housing and Planning Department, 512-974-1091.
Additional Backup Information:
If approved, the resolution allows Austin Affordable PFC, Inc. (the Issuer), a public facilities corporation created under Chapter 303 of the Texas Local Government Code and affiliated with the Housing Authority of the City of Austin (HACA) to issue Multi-family Housing Revenue bonds to help finance the new construction of a 204-unit multi-family rental development to be located in the City.
The applicant for bond financing is Bridge at Loyola Lofts, LP. The applicant will also be applying for, or already has applied for, an award of non-competitive 4% tax credits from the Texas Department of Housing and Community Affairs.
The Issuer has induced the issuance of up to $3,000,000 in Multi-family Housing Revenue Bonds that will partially fund the new construction of this rental development. On December 22, 2022, the Issuer conducted the public hearing required under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). A picture of the public notice of the TEFRA hearing from HACA's website and a transcript of the TEFRA hearing is included as backup.
TEFRA requires that the local governmental entity in which the project is located give its approval for the bonds to be issued. Approving the issuance of these bonds does not constitute any obligation of the City with respect to repayme...
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