Description
Title: Conduct a public hearing and consider a resolution related to an application by Elm Ridge Preservation, LP, or an affiliated entity, for 4% Non-Competitive Housing Tax Credits for the acquisition and rehabilitation of a multifamily development to be financed through the private activity bond program and to be known as Elm Ridge Apartments, located at or near 1190 Airport Boulevard, Austin, Texas 78702. Funding: Approving this resolution does not constitute any obligation of the City with respect to funding. This resolution will support the applicant's application for federal Housing Tax Credit
Summary
The City of Austin's legislation (File ID: 26-1777) pertains to the proposed rehabilitation of Elm Ridge Apartments, a 130-unit affordable housing development located at 1190 Airport Boulevard. Initiated by Elm Ridge Preservation, LP, the project aims to serve the general population with units affordable to households earning up to 60% of the Area Median Family Income (MFI). The funding structure includes $30.57 million in debt, equity, and grants, alongside a request for 4% Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs. The City Council's resolution supports the application, emphasizing the need for affordable housing in Austin and confirming that the City has a substantial number of housing units supported by tax