Consider and take appropriate action to approve Resolutions Authorizing Participation in various capacities in the Financing, Development and Operation of Tapestry Easton Park, and other related matters. (Commissioner <span style="color: rgb(65, 65, 65); font-family: sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter
Staff Report & Agenda Item Details
Approval of a series of resolutions is on the agenda for Tuesday, May 19, 2026 for this development. Attached hereto as backup are the draft resolutions that are proposed for approval. The resolutions approve the issuance of the Corporation’s Multifamily Housing Governmental Notes (Tapestry Easton Park), Series 2026A, and its Multifamily Housing Governmental Notes (Tapestry Easton Park), Series 2026B, in an approximate aggregate principal amount of not to exceed $60,000,000 (collectively, regardless of the final number of series, the “Notes”), and execution and delivery of a Funding Loan Agreement, Borrower Loan Agreement, Regulatory Agreement, Assignment of Security Instrument and Loan Documents and other documents related to the issuance of the Notes. The proceeds of the Notes will be loaned to SL Easton Partners, LP, a Texas limited partnership (the “Borrower”), which will utilize the funds to finance costs of the acquisition, construction and equipping of Tapestry Easton Park (the “Apartments”). A full set of those documents is being delivered to Christy Moffett for your review and we would be happy to provide a full set if anyone requests them. <br><br>The project is located at 7504 COTA Vista Drive, Austin, Travis County, Texas 78744, or adjacent thereto. It will contain approximately 323 units. The units will be rent and income restricted, with 100% of the units reserved for individuals and families with income at or below 60% of the area median income, and the development will utilize 4% low income housing tax credits from TDHCA. The project will provide competitive unit and property amenities, as well as resident programs and services at no extra charge to the tenants, including a resort-style pool, security fence and gated entry, fitness center, dog park, spacious community center, dedicated classroom for tutoring, EV chargers, business center, children’s playscape and tot lot, and barbecue grills. Units will have high-quality finishes such as granite counters, luxury vinyl plank flooring, built-in desks, window blinds, in-unit washer and dryer, upgraded lighting packages, and 9-foot ceilings. <br><br>The Board of Directors of the Corporation previously approved an initial resolution authorizing the issuance of up to $60,000,000 in July 2024. The project currently has a reservation for allocation of volume cap from the Texas Bond Review Board for an allocation of up to $52,000,000. However, the developer has requested that an additional application be made allowing for up to an additional $8,000,000 in volume cap, and in order to apply for the additional volume cap, the Board of Directors of the Corporation would need to approve the updated Initial Resolution that is also on the agenda for May 19, 2026 because the previous resolution from July 2024 is more than 18 months old. <br><br>Because the Corporation’s and TCC’s involvement in this multifamily development will include participation in the development as the general partner o