Description
Title: Authorize negotiation and execution of a loan agreement and related documents with FC Bloom Housing, LP, or an affiliated entity, in an amount not to exceed $5,500,000 for a multifamily rental development to be known as The Bloom at Lamar Square, located at or near 1326 and 1328 Lamar Square Drive, Austin, Texas 78704. Funding: $5,500,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation.
Summary
The City of Austin is considering legislation to authorize a $5.5 million loan to FC Bloom Housing, LP for a multifamily rental development named The Bloom at Lamar Square, located at 1326 and 1328 Lamar Square Drive. This project will provide 58 affordable housing units, with a focus on serving low-income households at various median family income (MFI) levels. Initially, 15 units will be available for households earning 30% of MFI, 28 units for those at 50%, and 15 for those at 60%. To minimize tenant displacement from two adjacent buildings slated for demolition, the developer has requested a temporary adjustment to this unit mix for the first six months of operation. This initiative is crucial as it