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Austin Housing Finance Corp. reauthorizes $5.5M loan to Foundation Communities with extended affordability period
Summary
At the Austin Housing Finance Corporation meeting called during the City Council session, staff presented and offered for consent a $5,500,000 loan to Foundation Communities (FC Bloom Housing) and told the board the affordability period was extended from 40 to 41 years and MFIs adjusted for temporarily relocated residents.
Austin — The Austin Housing Finance Corporation (AHFC) on March 12 reauthorized a $5.5 million loan to Foundation Communities for a redevelopment project, with a staff-reported extension of the affordability term and adjustments to eligible median family incomes.
Mandy DeMaio, representing AHFC, told the board the loan had been previously approved and this action…
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