DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Approval of financing for purposes of the Internal Revenue Code and San Antonio Housing Trust Finance Corporation's organizational documents (Pan American Apartments)
SUMMARY:
This Ordinance approves the issuance by the San Antonio Housing Trust Finance Corporation of its Multifamily Housing Revenue Bonds (Pan American Apartments) Series 2020 (the "Bonds") for purposes of Section 147 (f) of the Internal Revenue Code and San Antonio Housing Trust Finance Corporation's organizational documents.
BACKGROUND INFORMATION:
Section 147(f) of the Internal Revenue Code (the "Code") requires that the issuance of any private activity bond obligations be approved by the applicable elected representative of the governmental unit in which the project is located after a public hearing following reasonable public notice.
The City was contacted regarding San Antonio Housing Trust Finance Corporation (the "Issuer") financing the costs of acquiring, rehabilitating, constructing and equipping a 100-unit affordable multifamily housing facility (the "Project") located at 143 NW 36th Street, San Antonio, Bexar County, Texas 78237 for the benefit of Steele Pan American LP (the "Borrower"). All units in the project will be made available to families whose income averages 60% or less than the median income. This is a 100% Section 8 property whose tenants' incomes are generally 30% of the median income. The Borrower will spend approximately $80,000 per unit rehabilitating the Project. In addition, the rents will be restricted to 30% of the tenant's income. These restrictions will remain in place for 40 years. A public hearing with respect to the Project and issuance of the Bonds was held in the City of San Antonio on April 27, 2020 in compliance with Section 147(f) of the Code.
No comments were received at the public hearing.
ISSUE:
To meet the requirements of the ...
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