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Austin Housing Finance Corporation authorizes loans for Manor and Stassney multifamily projects
Summary
The AHFC board authorized loans totaling about $11.35 million to support two multifamily rental developments: Manor Apartments near Manor Road and Bailey at Stassney Lane.
At its April 10 meeting the Austin Housing Finance Corporation (AHFC) board authorized loans and the negotiation of loan terms for two multifamily rental developments using fiscal year 2025 capital budget funds.
Jamie May, the housing and community development officer, told the board it had three agenda items; two involved loan authorizations. The AHFC authorized a loan to Amtex Manor Fund LP for Manor Apartments near 6721 Manor Road for $5,754,000 from the AHFC fiscal year 2025 capital budget. The board also authorized a loan of up to $5,600,000 to Bailey at Stassney LP for a multifamily rental development near 40404 West Stassney Lane; that financing would also come from the AHFC 2025 capital budget.
Board members asked questions about program eligibility and underwriting. May explained the Rental Housing Development Assistance program requires developers to provide project details and other funding sources so AHFC serves as a financing gap lender, and that AHFC funds will support deep-income-restricted units when program requirements are met.
The AHFC board adopted the consent agenda items and authorized staff to negotiate loan terms. No speakers were present opposing those items when the board closed public testimony for the AHFC agenda.
