Description
Title: Conduct a public hearing and consider a resolution related to an application by South First Affordable Partners LP, or an affiliated entity, for 4% Non-Competitive Housing Tax Credits for the rehabilitation of a scattered-site multifamily housing development to be financed through the private activity bond program and to be known as South First Affordable Apartments, located at or near 714 Turtle Creek Boulevard, Austin, TX 78745 and 5609 Cougar Drive, Austin, TX 78745. This item has no fiscal impact. Approving this resolution does not constitute any obligation of the City with respect to fund
Summary
The City of Austin City Council has passed a resolution in support of the South First Affordable Apartments, a proposed rehabilitation project of approximately 125 affordable housing units located at 714 Turtle Creek Boulevard and 5609 Cougar Drive. The project, led by South First Affordable Partners LP, intends to serve the general population and will apply for 4% Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs. The project aims to provide a mix of affordable units, including 19 for households earning up to 30% of the Area Median Family Income (MFI), 44 for those earning up to 50% MFI, and 62 for those earning up to 60% MFI. This initiative is significant as it addresses the