title
Presentation, discussion, and possible action on approval of loans from the Department's 2024-1 National Housing Trust Fund Notice of Funding Availability
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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 Develo...
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