title
Presentation, discussion, and possible action on approval of loans from the Department’s 2024-1 National Housing Trust Fund Notice of Funding Availability
end
RECOMMENDED ACTION
recommendation
WHEREAS, the Department’s 2024-1 Notice of Funding Availability (NOFA) makes available $25,714,203 in National Housing Trust Fund (NHTF), inclusive of $5,520,406 that has been added since the original publication, which was sourced from unreserved funds from previous years’ NOFAs;
WHEREAS, the Board has previously approved two awards from this NOFA totaling $11,265,203;
WHEREAS, staff is recommending approval of three awards today as detailed below, totaling an amount of not more than $14,150,000;
WHEREAS, each loan is recommended to be fully repayable with an interest rate of 2.00%;
WHEREAS, each loan will have HOME Match Units as reflected in the underwriting report; and
WHEREAS, these funds must be committed by September in order to meet the Department’s commitment deadline, and so Legacy Senior Residences San Antonio is presented to the Board conditioned upon its successful underwriting, which is currently being finalized, and a revised environmental clearance to reflect funds from the City of San Antonio which have been added since the original application if it is determined to be necessary;
NOW, therefore, it is hereby
RESOLVED, that the loans of NHTF to Belle Oaks, Legacy Senior Residences San Antonio, and Escuela Nueva are hereby approved as detailed below.
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BACKGROUND
|
Number |
Development |
City |
Type |
Affordable Units |
Total Units |
Loan Not to Exceed |
|
24408 |
Belle Oaks |
Belton |
Rehabilitation |
200 |
200 |
$5,200,000 |
|
24444 |
Legacy Senior Residences |
San Antonio |
New Construction |
180 |
180 |
$4,050,000 |
|
24429 |
Escuela Nueva |
Austin |
New Construction |
114 |
114 |
$4,900,000 |
24408 - Belle Oaks
Development Information: Belle Oaks is to be located at 1100 Shady Lane in Belton, Bell County, and proposes the rehabilitation of 200 units that will serve the general population. The Development will serve households with incomes at or below 30% and 60% of Area Median Family Income (AMFI). The Department’s NHTF loan will contribute to 65 Units that are restricted for extremely low income families or families with incomes at or below the poverty line (whichever is greater). An extremely low income family is defined as a low income family whose annual income does not exceed 30% of the median family income of a geographic area.
Belle Oaks was initially constructed in 1971 and consists of 14 residential buildings and two auxiliary building on approximately 32 acres of land. When completed, the site will include an on-site laundry center, leasing office, community room and business center. The project will offer 48 one-bedrooms, 80 two-bedrooms, and 72 three-bedrooms. A Housing Assistance Payment contract will cover 181 of the 200 units.
Loan terms and payment structure: The Department’s $5,200,000 NHTF loan is to be structured as fully repayable at 2.00% interest, and is currently in second-lien position.
24444 - Legacy Senior Residences San Antonio
Development Information: Legacy Senior Residences San Antonio is to be located at 6219 S. New Brunfels Ave. in San Antonio, Bexar County, and proposes the new construction of 180 units that will serve the elderly population. The Development will serve households with incomes at or below 30% and 60% of Area Median Family Income (AMFI). The Department’s NHTF loan will contribute to 18 Units that are restricted for extremely low income families or families with incomes at or below the poverty line (whichever is greater). An extremely low income family is defined as a low income family whose annual income does not exceed 30% of the median family income of a geographic area.
Legacy Senior Residences San Antonio will be a single three-story building. When completed, the site will include a large community room and activity center, a dining room, an age-appropriate fitness facility, and many other desirable amenities. The project will offer 56 one-bedrooms and 162 two-bedrooms.
Loan terms and payment structure: The Department’s NHTF loan is not to exceed $4,050,000 and is to be structured as fully repayable at 2.00% interest in second-lien position.
24429 - Escuela Nueva
Development Information: Escuela Nueva is to be located at 2013 Montopolis Drive in Austin, Travis County, and proposes the new construction of 114 units that will serve the general population. The Development will serve households with incomes at or below 30%, 50%, and 60% of Area Median Family Income (AMFI). The Department’s NHTF loan will contribute to 20 Units that are restricted for extremely low income families or families with incomes at or below the poverty line (whichever is greater). An extremely low income family is defined as a low income family whose annual income does not exceed 30% of the median family income of a geographic area.
Escuela Nueva will be a single eight-story building. When completed, the site will include a leasing office, conference area, bike storage, and community balconies on each level. The project will offer 35 one-bedrooms, 51 two-bedrooms, and 28 three-bedrooms.
Loan terms and payment structure: The Department’s $4,900,000 NHTF loan is to be structured as fully repayable at 2.00% interest, and is currently in second-lien position.