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County corporations approve amended lien note for Saison North Apartments; officials flag economic-occupancy risk
Summary
Travis County's Housing Finance Corporation and TCC Hill Country Development Corporation approved amended loan terms for the Saison North Apartments to allow conversion of a construction loan; developers warned of low economic occupancy and commissioners requested a briefing on eviction risks.
Travis County's housing corporations approved amended and restated real estate lien notes on April 8 for Saison North Apartments, a mixed-income development west of MoPac, and commissioners flagged concerns about economic occupancy and potential eviction pressures in Austin's rental market.
Christie Moffitt, assistant secretary for the county corporations, told the Travis County Housing Finance Corporation (HFC) that the corporation had made a subordinate mortgage loan just over $2.3 million to the borrower to partially finance construction and operation of the project. The borrower requested an amendment to update repayment terms, including…
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