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Presentation, discussion, and possible action on the approval of a loan for Waverly North
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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;
WHEREAS, the Department is now recommending approval of a loan in the amount of $5,800,000, with proposed loan terms and details concerning the Development's financials outlined below; and
WHEREAS, this recommendation is being presented to the Board prior to the issuance of the Real Estate Analysis Underwriting Report and a necessary amendment to the original Application, and as a result, is conditioned upon the satisfactory completion of both of those processes;
NOW, therefore, it is hereby
RESOLVED, that the loan of $5,800,000 of NHTF to Waverly North is approved, subject to conditions that may be applicable as found in the Real Estate Analysis Underwriting Report when it is issued, any HUD required environmental conditions, obtaining approval for a necessary amendment to the original Application, and the conditions as outlined herein.
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BACKGROUND
Development Information: Waverly North is to be located in Austin, Travis County, and proposes the adaptive reuse of 76 units that will serve the general population. The Development will serve households with incomes at or below 30% to 80% of Area Median Family Income (AMFI).
The Development was initially proposed to have 17 30% AMFI units in its 2025 9% housing tax credit Application. As a result of this loan, the Development will have no less than 28 30% Units.
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...
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