Consider and take appropriate action on a request to approve supplemental tax-exempt (TEFRA) bond financing to be undertaken by the Travis County Facilities Corporation, for the Project currently known as Belmont Apartments. (Judge Brown & Commissioner Gómez)

Staff Report & Agenda Item Details

A request has been made seeking the Commissioners Court to consider approval for supplemental tax-exempt bond financing in accordance with the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), for the multifamily housing project currently known as the Lakeway Apartments (the “Project”).  Under TEFRA, Section 147(f) of the Code of 1986, as amended, for the interest on qualified private activity bonds to be excluded from gross income for federal income tax purposes, approval is needed, following a public hearing, from the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located.<br id="isPasted"> <br>As explained by the requestor, “Travis County Facilities Corporation will issue multifamily housing revenue bonds for in one or more series of tax-exempt bonds in an aggregate principal amount not to exceed $60,000,000. The proceeds of the Bonds will be loaned to Belmont Apartments Ltd. (the “Borrower”) to finance a portion of the costs of the acquisition and construction of a multifamily residential rental development to be known as the Belmont Apartments, containing 348 units and located at 4401 East Slaughter Lane, Austin, Travis County, Texas 78747 (Precinct 4). The Bonds will be issued pursuant to the provisions of the Texas Public Facility Corporations (PFC) Act, Local Government Code, Chapter 303. The Bonds are expected to be issued as “exempt facility bonds” for a qualified residential rental project pursuant to Section 142(a)(7) and (d) of the Internal Revenue Code of 1986, as amended. The initial owner and leaseholder will be the Borrower.”   <br> <br> <br><strong><u>Project Description</u></strong><br>The Belmont Apartments project, a collaboration between Travis County and the Housing Authority of Travis County (HATC), aims to create a thriving affordable housing community in Southeast Austin. This thoughtfully designed development will offer 348 units across 13 three-story buildings, featuring a variety of 1, 2, 3, and 4-bedroom floor plans to suit diverse resident needs.<br> <br>Beyond just affordable housing, Belmont Apartments recognizes that a strong community fosters success. Residents will have access to a comprehensive suite of supportive services designed to empower them. This includes after-school care programs for children, allowing parents peace of mind and the opportunity for further education or career advancement. Adult education courses will also be offered, providing residents with the tools to reach their full potential.<br> <br>The development boasts a central location within Southeast Austin, strategically positioned within the city's growth pattern. Residents will enjoy close proximity to established schools, employment opportunities, and a wide range of amenities. Additionally, Belmont Apartments is situated within 20 minutes of the Austin CBD, the Austin Airport, and major highways (I-35), making commutes and exploring the city a breeze.<br> <