Description
Title: Authorize negotiation and execution of a new or amended loan agreement and related documents with La Vista de Lopez LP, or an affiliated entity, in the amount of $1,016,055, for a total loan amount not to exceed $6,233,365, for a multifamily rental development to be known as La Vista de Lopez, located at or near 809 East 9th Street, Austin, Texas 78741. Funding: $1,016,055 is available in the Fiscal Year 2025-2026 Operating Budget of the Austin Housing Finance Corporation using Homestead Preservation District Tax Increment Reinvestment Zone Funds.
Summary
The City of Austin's legislation File ID: 26-1403 pertains to the La Vista de Lopez multifamily rental development, which aims to provide affordable housing for seniors. The Austin Housing Finance Corporation (AHFC) is proposing to authorize a loan agreement of $1,016,055, contributing to a total funding of $6,233,365 for the project located at 809 East 9th Street. The development will consist of 27 rental units, with eight units for households earning at or below 30% of the Median Family Income (MFI) and 19 units for those earning at or below 50% MFI. This initiative is significant as it addresses the community's need for affordable housing and supports the city's goal