Consider and take appropriate action to approve subaward amendment/modification No. 2, with Attachment V, Exhibit 6, Subordination and Standstill Agreement, to Contract No.4400007106 with Juniper Creek Housing, LP related to the Juniper Creek Apartments SHIP Development. <em>(This item may be taken into Executive Session under Government Code section 551.071, Consultation with Attorney exception)<

Staff Report & Agenda Item Details

Travis County ("Subordinate Lender") has committed over $117,000,000 to boldly address homelessness and catalyze the development of deeply affordable housing and build a pipeline of supportive housing units through the Supportive Housing Initiative Pipeline (SHIP) LFRF-ARPA allocation. The Subaward with Juniper Creek Housing, LP ("Borrower") for the benefit of the Juniper Creek Apartments Development was approved by the Commissioners Court on June 27, 2023. As part of the Borrower's issuance of Multifamily Housing Revenue Bonds, a construction Loan from Wells Fargo was executed for the construction term. <br><br>As part of the conversion and financial closeout, the Borrower is working with lenders and investors to pay off the construction loan and convert it to a permanent mortgage. The construction loan currently has a first lien position and the mortgage will take over that first lien position during conversion, leaving the County in the same subordinate position. <br><br><br data-pasted="true">¹<em> </em>(This item may be taken into executive session under the Consultation with Attorney exception, Texas Government Code §551.071)