This notice satisfies the requirements of Texas Local Government Code Section 394.905 as amended in House Bill 21 of the 89th Regular Session of the Texas Legislature, effective May 28, 2025 (“HB 21”). 

Board Consideration of Property Tax Exemption

The Austin Housing Finance Corporation (“AHFC”) Board will consider approval of AHFC’s ownership of the land and participation in ownership of phase one of the to-be constructed, two-phase multifamily residential development, Sunset Ridge Apartments (the “Development”), located at or near 8413 Southwest Parkway, Austin, Texas 78735, at the July 24, 2025 Board meeting. This approval would grant the land and phase one of the Development an ad valorem and sales and use tax exemption under Chapter 394 of the Texas Local Government Code.

In compliance with HB 21, AHFC is publishing the following underwriting assessment of the proposed Development prior to Board consideration for approval.

Underwriting Assessment Findings

The assessment performed for phase one of the Development, dated July 10, 2025, determined that the annual rent reduction proposed will not be less than 50 percent of the amount of estimated ad valorem taxes that would be imposed on the property in the same tax year if the property did not receive an exemption in the first, second, and third tax years after the tax year in which the development first achieved an occupancy of 90%. 

AHFC Sunset Ridge Underwriting Report - July 2025