title
Presentation, discussion, and possible action on the approval of a loan for Crossroads Redevelopment
end
RECOMMENDED ACTION
recommendation
WHEREAS, the above listed development was awarded 9% housing tax credits during the 2025 competitive Application round;
WHEREAS, the Developer applied for additional funds under the Department's 2026-1 National Housing Trust Fund (NHTF) Notice of Funding Availability; and
WHEREAS, the Department is now recommending approval of a loan request in the amount of $5,191,318, with proposed loan terms and details concerning the Development's financials outlined below;
NOW, therefore, it is hereby
RESOLVED, that the that loan of $5,191,318 of NHTF to Crossroads Redevelopment is approved, subject to conditions that may be applicable as found in the Real Estate Analysis Underwriting Report attached to this Board Action Request, any HUD required environmental conditions, and the conditions as outlined herein.
end
BACKGROUND
Development Information: Crossroads Redevelopment is to be located in Austin, Travis County, and proposes the new construction of 110 units that will serve a Supportive Housing population. The Development will serve households with incomes at or below 30% to 60% of Area Median Family Income (AMFI).
The Development was initially proposed to have 12 30% AMFI units in its 2025 9% housing tax credit Application. As a result of this loan and an award of State Housing Tax Credits, the Development will have the following set-asides. A full unit mix is provided in the attached Real Estate Analysis Report:
In accordance with 24 CFR ? 93.302, for 30% units under the Direct Loan LURA, the rent is, "not exceed the greater of 30 percent of the federal poverty line or 30 percent of the income of a family whose annual income equals 30 percent of the median income for the geographic area, as determined by HUD, with adjustments for the number of bedrooms in the unit."
Financial Information: The Department's $5,191,...
Click here for full text