Rosemont at Oak Valley Receives Special Achievement Award

Austin, TX: Rosemont at Oak Valley, one of Austin's newest affordable housing developments, received a 2003 Special Achievement Award by the Texas Association of Local Housing Finance Agencies (TALHFA). This award makes the bond issuer, the Austin Housing Finance Corporation, and the developer, Southwest Housing, winners for two consecutive years. Special Achievement Awards recognize and honor groups or agencies whose hard work and efforts benefit the programs and people served by TALHFA.

Rosemont at Oak Valley's unique blend of 120 apartments and 160 duplex units is a model for neighborhood development and environmental sensitivity. Special attention was made to tree preservation by limiting tree removal to pavement areas and each building envelope. The abundance of oak trees also compliments the "Old West Austin" craftsman style home architecture. The two, three and four-bedroom units are reserved for families earning at, or below, 60 percent of the Median Family Income, or about $42,650 for a family of four.

The Austin Housing Finance Corporation issued $15 million in tax-exempt bonds and four percent Low Income Housing Tax Credits were issued by the Texas Department of Housing and Community Affairs for funding of Rosemont at Oak Valley. "Southwest Housing is very proud of the relationship it has with the City of Austin; it is a relationship built on trust and the common interest of serving people in need," said Craig Alter, Vice President of Southwest Housing.

Additional Bond professionals who participated in the project include: Mark Malveaux (Bond Counsel) of McCall Parkhurst and Horton, Rafael Quintanilla (Co-Bond Counsel), Public Financial Management (Financial Advisor), Wells Fargo (Trustee), Charter Mac (Bond Purchaser) and Related Capital (Limited Partner and Purchaser of the four percent LIHTC).

Rosemont at Oak Valley is located near Oltorf and Pleasant Valley Drive; They are pre-leasing units and will celebrate their grand opening on December 16, 2003. For information on Rosemont at Oak Valley, call (512) 326-5155.

The Austin Housing Finance Corporation was created in 1979 and assists Austin citizens with first-time homebuyer and home repair programs. The AHFC's primary mission is to generate and implement strategic housing finance solutions to benefit low-and moderate-income residents of the City of Austin.

The City of Austin is committed to compliance with the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act of 1973, as amended. Reasonable modifications and equal access to communications will be provided upon request. Please call 974-3100 (voice) or 974-3102 (TDD) for assistance. This project is made possible by funding from HUD through the City of Austin.

CONTACT: Brenda Ham, 974-3175 (voice), 802-7105 (pager)