Austin Housing Authority Awards Financial Services Contract to L & M Development (April 2022)
Austin Housing AuthorityLocal Housing Authority · Austin, TX- Disclosed value
- Purchase price for The Aspect Apartments is $87,000,000; L & M will invest approximately $25,000,000 as down payment and $2,100,000 for future capital needs; Freddie Mac affordable loan not to exceed $65,000,000 at approximately 3.92%
- From agenda
- Approved
- Apr 21, 2022
The 30-second brief
Austin Affordable Housing Corporation approved partnering with L & M Development to acquire The Aspect Apartments for $87 million. L & M will contribute $25 million in equity, fund capital reserves, and join AAHC in securing a Freddie Mac affordable loan up to $65 million.
L & M Development holds this financial services contract with Austin Housing Authority. Its other public contracts on record include work for New Jersey Housing and Mortgage Finance Agency.
Term as filed: Freddie Mac affordable loan term not specified; partnership and ownership ongoing.
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Contract details
- Contract type
- Financial Services
- Amount
- Purchase price for The Aspect Apartments is $87,000,000; L & M will invest approximately $25,000,000 as down payment and $2,100,000 for future capital needs; Freddie Mac affordable loan not to exceed $65,000,000 at approximately 3.92%
- Document date
- April 21, 2022
- Term
- Freddie Mac affordable loan term not specified; partnership and ownership ongoing
- Vendor
- L & M Development
- Agency
- Austin Housing Authority
- Source document
- austin-affordable-housing-corp-agenda-aspect-apartment-acquisition-apr-21-2022_91d.pdf (Agenda)
L & M Development's other public contracts
More Austin Housing Authority contracts
Questions about this contract
Who was awarded the financial services contract by Austin Housing Authority?
L & M Development was awarded this financial services contract by Austin Housing Authority, as recorded on April 21, 2022. The contract value is Purchase price for The Aspect Apartments is $87,000,000; L & M will invest approximately $25,000,000 as down payment and $2,100,000 for future capital needs; Freddie Mac affordable loan not to exceed $65,000,000 at approximately 3.92%.
How much is the L & M Development contract with Austin Housing Authority worth?
The L & M Development contract with Austin Housing Authority is valued at Purchase price for The Aspect Apartments is $87,000,000; L & M will invest approximately $25,000,000 as down payment and $2,100,000 for future capital needs; Freddie Mac affordable loan not to exceed $65,000,000 at approximately 3.92%, covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a agenda record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in austin-affordable-housing-corp-agenda-aspect-apartment-acquisition-apr-21-2022_91d.pdf (Agenda), dated April 21, 2022 from Austin Housing Authority. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What is Austin Housing Authority currently buying?
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