Title
Ordinance No. 20-20 authorizing the issuance and delivery of the City's Series 2020 multi-family housing revenue bonds for the Atrium at Austin Bluffs Apartments project in one or more series, in the aggregate principal amount of $8,000,000
Presenter:
Steve Posey, HUD Program Manager, Planning & Community Development
John Bayles, Fred Marienthal, Kutak Rock LLP
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
The ordinance will authorize the issuance of Private Activity Bonds (PAB) for The Atrium at Austin Bluffs, a 54 unit senior affordable housing project located at the corner of Austin Bluffs and Templeton Gap.
Previous Council Action:
19-325: Preliminary inducement resolution adopted for $8M in private activity bonds to finance Atrium at Austin Bluffs.
18-038: Resolution adopted to carry forward the City's annual private activity bond allocation for the financing of affordable multi-family rental projects.
Background:
In 2018, the City Council voted to carry forward its PAB allocation for the purpose of financing qualified residential rental projects, an eligible use of PAB under the IRS code. Carrying forward PAB for multi-family affordable housing is a means for City Council to address the need for additional housing for lower-income populations in the community. The City is a conduit issuer of PAB. As a result, the City assumes no liability for repayment of the bonds. The developer accessing PAB financing agrees to carry all costs related to the bond issuance, marketing and servicing, including attorney's fees, document preparation, and public notifications.
On July 23, 2019, CC adopted a preliminary inducement resolution to issue up to $8M in private activity bonds (PAB) for the financing of Atrium at Austin Bluffs, a 54 unit senior affordable housing project located at the corner of Austin Bluffs and Templeton Gap. The preliminary inducement resolution was needed for the developer to receive an allo...
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