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Austin Housing Finance Corporation approves five affordable-housing loans totaling about $31.2 million
Summary
The Austin Housing Finance Corporation board approved five loan agreements on consent, including funding for Crossroads Apartments, Santa Rita Courts redevelopment, St. George Court senior housing and Waverly North tax-credit project.
The Austin Housing Finance Corporation (AHFC) board voted on Sept. 25 to approve five loan-related items on consent totaling approximately $31.2 million to support affordable housing projects across multiple council districts.
Board members approved: - Up to $11,700,000 in a loan agreement with Foundation Communities for Crossroads Apartments (110 units) in District 7. - An amendment to the Housing Authority local voucher program contract for about $7,800,000. - A $4,500,000 agreement for the redevelopment of Santa Rita Courts (96 units) in District 3 with the Housing Authority of the City of Austin. - Up to $1,700,000 for rehabilitation of St. George's Court senior housing (60 units) in District 4. - Up to $5,500,000 for a 9% tax-credit project, Waverly North (76 units) in District 9.
The items were offered on consent by AHFC staff and approved with no objections. Board members praised staff for the housing-department work that supports construction and preservation of affordable units. Council member and board members requested continued attention to equitable siting and transit access for new developments.
Why it matters: The loans support preservation and construction of deeply and low-income housing and voucher programs across several council districts. Board members highlighted the value of federal tax-credit leverage and local loan support to keep units affordable.
