Austin Housing Finance Corporation Staff Report Nov 2025
AHFC to Retire Villa Del Rey Loan with Bank
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Description
Austin Housing Finance Corporation is authorizing payment of the remaining balance, not to exceed $2,428,685, on a commercial loan from Broadway National Bank that financed acquisition and repairs of the Villa Del Rey affordable multifamily property. The interest-only loan, which matures June 1, 2026 and carries no prepayment penalty, will be retired using FY 2025-2026 capital budget GO bond funds.
Contract Details
Contract Amount
Not to exceed $2,428,685
Vendor
BROADWAY NATIONAL BANK
Agency
City of Austin city, TX
Contract Type
FINANCIAL_SERVICES
Document Date
November 6, 2025
Contract Term
Loan matures on June 1, 2026; interest-only payments until maturity
Renewal Date
2026-06-01
Renewal Info
Commercial loan with interest-only payments and a stated maturity date of June 1, 2026; no prepayment penalty applies. Action is to pay off the remaining balance prior to maturity.
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