S.M.A.R.T. Housing Development receives National Award

Austin,Texas: Each year the National Association of Local Housing Finance Agencies (NALHFA) presents a Meritorious Achievement Award. This year's winner, announced at the National Conference in New Orleans, LA, is the Austin Housing Finance Corporation, for its development of Primrose of Shadow Creek.

The selection criteria demanded eligible projects meet the following: extraordinary benefit to the community, innovation, replicability, affordability and serving the needs of a special group.

The property, which serves seniors 55 and up, includes landscaped garden areas, community rooms and laundry rooms in each building. All units will be reserved for eligible seniors earning no more than $29,880 for one person, or $34,130 for a family of two annually. The rent amounts are based on the Austin Median Family Income (MFI).

Through creative and entrepreneurial efforts, the AHFC developed a unique financing partnership, which allowed for low-income tax credits to be sold to an investor, who, in turn, infused cash into the project. The AHFC invested $1 million to acquire the land in the project and will recover its investment by leasing the land over 40 years with annual payments of $60,000. At the end of 15 years, when income tax benefits are exhausted, AHFC will have the right to acquire the property for the then outstanding debt.

The development meets the City of Austin's S.M.A.R.T. (Safe, Mixed-Income, Accessible, Reasonably Priced, and Transit-Oriented) Housing Program Certification standards. S.M.A.R.T. Housing promotes the creation of reasonably priced homes within the city limits and offers developers incentives by way of advocacy through the City's development process and fee waivers for developing affordable housing units.

In addition to this award, the Texas Association of Local Housing Finance Agencies (TALHFA) recognized the Austin Housing Finance Corporation by awarding them with the 2002 Special Achievement Award for the development of Primrose of Shadow Creek.

Primrose at Shadow Creek is conveniently located south of Highway 290 and east of IH-35, and is near Capital Metro routes, shopping centers, and St. David?s Hospital.

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, (512) 974-3175 (voice) or (512) 802-7105 (pager)