Notice is hereby given of a public hearing to be held by Austin Affordable PFC, Inc. (the "Issuer"), a non-profit public facility corporation created by the Housing Authority of the City of Austin (the "Authority"), on Tuesday, October 8, 2019, at 5:00 p.m., at the Authority’s offices at 1124 South IH 35, Texas 78704, with respect to an issue of multifamily housing revenue bonds (the “Bonds”) to be issued by the Issuer in one or more series of tax-exempt bonds in an aggregate principal amount not to exceed $15,000,000. The proceeds of the Bonds will be loaned to Austin Leased Housing Associates III, Limited Partnership (or a related person or affiliate thereof) (the “Borrower”), to finance a portion of the costs of the acquisition and construction of a multifamily residential rental development known as Franklin Park Apartments (the “Development”), containing approximately 163 units and located at approximately 4509 East St. Elmo Road, Austin, Texas.
The Bonds will be issued pursuant to the provisions of the Texas Public Facility Corporations Act, Local Government Code, Chapter 303, Vernon’s Texas Code, as amended (the “Act”). 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 “Code”). The initial legal owner of the Development (and a leasehold interest in the Development site) will be the Borrower identified above.
All interested persons are invited to attend such public hearing to express their views with respect to the Development and the issuance of the Bonds. Questions or requests for additional information may be directed to Mr. Ron Kowal, Housing Authority of the City of Austin, 1124 South IH-35, Austin, Texas 78704 or (512) 477-4488.
Persons who intend to appear at the hearing and express their views are invited to contact Mr. Kowal in writing or by telephone in advance of the hearing. Any interested persons unable to attend the hearing may submit their views in writing to Mr. Kowal prior to the date scheduled for the hearing.
This notice is published, and the above-described hearing is to be held, in satisfaction of the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, regarding the public approval prerequisite to the exclusion from gross income for federal income tax purposes of the interest on the Bonds, other than any taxable bonds.
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