Item 3 ProjectConnect-Acqusitions_CDC_070924 — original pdf

Backup

Project Connect Anti-Displacement Land Acquisition & Preservation Investments Nicole Joslin, Real Estate Division Manager Alex Radtke, Housing Development Manager Community Development Commission July 9, 2024 Content Available Funds Real Estate Investments Anti-Displacement Community Acquisition Porgram Available Funding Project Connect Timeline of Available Funding 4 Land Acquisition, Preservation, & Rehabilitation $23M in 2020-2021 $43M in 2023-2025 Preserve: Acquire multifamily properties to extend or preserve affordability Produce: Purchase sites for future development of affordable housing within one mile of project connect station. 5 Spending Dashboard Tracking Anti-Displacement Funds the Housing Following Council Resolution 20200807-003, Department’s Displacement Prevention Division developed the Project Connect Anti-Displacement Dashboard to show and track the spending of the $300 million anti-displacement funds that were approved by the voters in 2020. Real Estate Investments Investment Strategy  Project Connect funds are limited to areas within 1 mile of rail and bus lines  Assemblage opportunities – Create multiple-acre sites that allow for comprehensive planning and phased – Create deeply affordable and mixed-income transit-supportive housing at key development. locations.  Preservation opportunities – Naturally Occurring Affordable Housing – Expiring Tax Credit properties  Multi-phase development 8 8 Project Connect Preservation & Acquisition Project Owners + Partners Address Affordable Units Midtown Flats Austin Housing Finance Corporation 615 W St. Johns Ave Austin Housing Finance Corporation 121 Woodward St. 40 52 Soco 121 City View Austin Housing Finance Corporation + SGI Ventures 2000 Woodward St. 68 + 1.676 acres of developable land where 100 new units are planned Tokyo Electron Austin Housing Finance Corporation 2400 Grove Blvd 66 acres of undeveloped land $27,170,000 Acquisition Price $7,680,000 $10,820,000 (4.7M PC) $2,600,000 $37.5M invested to date 9 Midtown Flats (615 W St Johns)  Naturally Occurring Affordable Housing (NOAH)  40 units, One- & Two-Bedrooms  Acquired June 2022  Acquisition price: $7,680,000  AHFC is 100% Owner  100% Restricted Affordable Housing  15 @ 30%  15 @ 50%  9 @ 80% SOCO 121 (121 Woodward Street)  18 formally affordable units (LURA expires 2032)  52 units, One- & Two-Bedrooms  Acquired March 2023  Acquisition price: $10,500,000 ($4,72M of PC funds)  AHFC is 100% Owner  100% Restricted Affordable Housing  14@ 30% AMI  18@ 50% AMI  19@ 80% AMI repairs  $520,000 RHDA loan in April 2023 for 11 City View at The Park (2000 Woodward St)  Low-Income Housing Tax Credit (expiring)  55+ community  70 units, One- & Two-Bedrooms  Acquired December 2022  Acquisition price: $2,600,000  AHFC is 100% Owner  100% Restricted Affordable Housing  7@ 30% AMI  61@ 60% AMI  2 @ Market 12 Tokyo Electron (2400 Grove Blvd)  66 acres vacant land  Acquired March 2024  Total purchase price: $87,045,000 ($27,170,000 PC funds)  Anticipated mixed use development including affordable housing  Adjacent to 18 acres already owned by AHFC 13 Other Project Connect Adjacent Investments  109 units preserved  171 in operation, Permanent Supportibe Housing  1,304 rental units in development – Includes 448 Permanant Supportive Housing units  113 ownership units – Includes 54 units for the Austin Community Land Trust  18 acres of undeveloped land 14 Anti-Displacement Community Acqusition Program (ADCAP) ADCAP Overview  Provide non-profits with funds to acquire property to develop and preserve affordable housing on small sites.  Rolling applications and faster closing than other Housing Development Assistance funds  Rental: 40 year term, at or below 50% MFI  Ownership: 99 year term, at or below 80% MFI  Maximum total AHFC subsidy per unit: – Efficiency: up to $80k/unit – 1 or more bedrooms: up to $120,000 per bedroom per unit 16 ADCAP Awards Project Owners + Partners Affordable Units Acquisition Price 8402 Garcreek Cir. Austin Revitalization Authority 4 units, rental, (4) 2-bed 3306 Vintage Hills Austin Revitalization Authority 4 units, rental, (4) 2-bed $458,000 $780,000 300 Carmen Court Austin Revitalization Authority 4 units, rental, (2) 2-bed, (2) 1-bed $650,000 302 Carmen Court Austin Revitalization Authority 4 units, rental, (2) 2-bed, (2) 1-bed $650,000 8301 Riverstone Dr. Austin Revitalization Authority 4 units, ownership, (4) 3-bed + Equidad ATX $150,163 (closing pending) 806 Vargas Rd. Guadalupe Neighborhood Development Corporation 2 units, ownership, (1) 2-bed, (1) 3-bed $240,000 (closing pending)  $2,928,163 invested to date  $5,071,837 remaining 17 Thank You Nicole Joslin, Real Estate Division Manager Alex Radtke, Housing Development Manager