[00:00:01]
TO CONVENE THE MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION HAS BEEN RECESSED.IT IS 1223 STILL, UH, APRIL, UM, UH, EIGHT 2021.
UH, YOU WANT TO TAKE US THROUGH MANDY OUR CONSENT AGENDA? ABSOLUTELY.
THERE ARE MANDY DEMILLE, AUSTIN HOUSING, FINANCE CORPORATION.
THERE ARE TWO ITEMS THAT ARE RELATED TO EACH OTHER ON THE AGENDA.
WE DID HEAR AT THREE SPEAKERS EARLIER WHO WERE RESIDENTS OF THE PROPERTY THAT ARE AFFECTED.
UM, THIS IS RELATED TO A PROPERTY KNOWN AS ARBORS AT CREEKSIDE, TWO ITEMS, UM, THAT APPROVED, UH, ONE IS TO PURCHASE THE LIMITED PARTNER INTERESTS AND THE OTHER IS MORE NEEDED REPAIRS AND SOME OPERATING EXPENSES.
ITEM NUMBER ONE IS 1.2, 5 MILLION.
THESE ARE BOTH RELATED TO A PROPERTY AFFORDABLE PROPERTY OWNED BY AN AFFILIATE OF H H S C A.
THE PROPERTY IS 176 UNIT SENIOR HOUSING DEVELOPMENT.
UM, THAT WAS PLACED IN SERVICE IN 2001.
AND WE ARE, UH, REPOSITIONING THE PROPERTY FOR A WEEK CAPITALIZATION AND, UM, SOME MUCH NEEDED REPAIRS.
I'M HAPPY TO ANSWER ANY QUESTIONS I DO WANT TO THANK, UM, THE RESIDENTS WHO SPOKE EARLIER, UH, AS WELL AS PASTA, UM, WHO HAS BEEN WORKING CLOSELY WITH THE TENANTS ASSOCIATION.
IS THERE A MOTION TO APPROVE THE CONSENT AGENDA, BOTH ITEMS, THE VICE CHAIR OF THE BOARD, UH, HARPER MADISON MAKES THAT MOTION SECOND BY COUNTY BY DIRECTOR CASAR AND DISCUSSION.
UM, I HAD A QUICK QUESTION FOR STUFF, AND THEN A COUPLE OF QUICK COMMENTS.
UM, MANDY, IS IT ACCURATE THAT THERE ARE ABOUT $750,000 WORTH OF NECESSARY REPAIRS TO THESE APARTMENTS? SO THAT IS OUR ESTIMATE AT THIS POINT.
UM, THERE ARE ACTUALLY SOME SIGNIFICANT MORE LONGTERM CAPITALIZATION NEEDS FOR KIND OF PUTTING THIS INTO TWO DIFFERENT PRIORITIES.
ONE IS MORE SHORT TERM REPAIRS, AND THEN ONE IS MORE A LONG-TERM APPROACH.
SO WE WILL BE LOOKING TO RECAPITALIZE THE PROPERTY, RESYNDICATE, THE TAX CREDITS, UM, WITHIN THE NEXT COUPLE.
UM, SO ACTUALLY, UM, I THINK THERE WERE SOME CONVERSATION BEFORE ABOUT, ABOUT HOW LONG THERE HAD BEEN ISSUES AT, AT THE PROPERTY.
AND I ACTUALLY, UM, MY STAFF AND MY OFFICE HAS BEEN IN COMMUNICATION WITH RESIDENTS SINCE I THINK ABOUT 2013 WHEN IT WAS UNDER THE NAME PRIMROSE APARTMENTS.
UM, AND BEFORE LASTA, BEFORE WE HAD PASTA AS, UH, AS THE WONDERFUL COMMUNITY PARTNER, THEY ARE NOW IN EMPOWERING TENANTS AND WORKING WITH THEM TO ADVOCATE ON DIFFERENT ISSUES.
SO, YOU KNOW, I, I FULLY SUPPORT THE PURCHASE.
I DO WANT TO SAY, I, I WANT TO HIGHLIGHT THIS FOR A COUPLE OF REASONS, FOR A COUPLE OF EXAMPLES.
I THINK THIS IS A REALLY IMPORTANT PURCHASE.
AND I SO APPRECIATE THE, THE RESIDENTS WHO CAME TODAY TO SPEAK TO THEIR EXPERIENCES THERE ON THE REAL NEEDS.
WE HAD, UM, UH, SEVERAL RESOLUTIONS REGARDING CREATING A STRIKE FUND FOR MULTIFAMILY APARTMENTS.
I DID ONE COUNCIL MEMBER CASSARA I BELIEVE YOU DID ONE AS WELL.
UM, I THINK THE RESPONSE FROM HOUSING IS THAT THAT WAS NOT, UM, THAT WAS NOT THEIR PREFERENCE FOR, FOR INVESTMENT OF BOND DOLLARS.
I THINK IT'S STILL A VERY VIABLE, A VERY VIABLE CONVERSATION THAT WE SHOULD HAVE AS A COUNCIL ABOUT WHETHER WE SHOULD BE INVESTING IN MULTI-FAMILY APARTMENTS.
I'D STILL LIKE TO SEE US DO THAT WITH OUR BOND DOLLARS.
AND THIS IS A GREAT TEST CASE WHERE WE ARE USING, UM, WE ARE, UH, PURCHASING THE OWNERSHIP PIECES THAT WE, THAT WE DON'T CURRENTLY OWN ON THIS PROPERTY, SO THAT WE CAN HAVE MORE CONTROL AND REALLY, UH, HAVE AN ENHANCED, ENHANCED LEVEL OF MAINTENANCE, BUT AN ENHANCED LEVEL OF QUALITY OF LIFE AND STANDARD OF APARTMENT FOR, FOR THOSE WHO LIVE THERE.
SO THIS IS A GOOD EXAMPLE FOR THAT REASON.
I AM A LITTLE CONCERNED ABOUT LIFE TO BETTER UNDERSTAND WHEN WE HAVE THESE RELATIONSHIPS.
AND I DON'T KNOW THAT WE HAVE MANY OF THEM WHERE THE CITY IS ACTUALLY A PARTNER.
UM, WHEN THERE'S SUCH A LONG HISTORY OF ISSUES IN TERMS OF THE QUALITY OF THAT HOUSING AND THE NEED FOR REPAIRS, I HOPE WE CAN FIGURE OUT SOLUTIONS EARLIER BECAUSE IT SEEMS TO ME THAT THAT A LOT OF THAT BIG BILL FOR 750,000, MAYBE MORE DOLLARS MIGHT'VE BEEN AVOIDED WITH, WITH, UM, EARLIER ACTION.
I THINK OUR HOUSING DEPARTMENT HAS ALL ALONG BEEN SUPER SUPPORTIVE OF, OF THOSE RESIDENTS AND THEIR NEED FOR BETTER MAINTENANCE.
UM, BUT HOPEFULLY WE CAN FIGURE OUT HOW TO GET A SOLUTION TO, TO RESIDENTS.
I COUNCIL MEMBER TOBO THAT, THAT, THAT'S AN EXCELLENT POINT.
I DO WANT TO REMIND FOLKS THAT AHMC OR AFFILIATES OF AGENCY NON-PROFIT AFFILIATES, UM, ARE CURRENTLY PARTNERS, EITHER GENERAL PARTNERS
[00:05:01]
OR, UM, MANAGING MEMBERS OF 10, UH, DIFFERENT, UM, UH, PARTNERSHIPS, AFFORDABLE HOUSING DEVELOPMENT.THIS IS ONE OF THE EARLIEST PARTNERSHIPS.
IT ACTUALLY WAS OUR SECOND PARTNERSHIP.
UM, AND WHAT THE ACTION TODAY IS ALLOWING US TO DO TO BUY OUT THE, UM, INVESTOR PARTNER, UM, IS TO MAINTAIN GREATER CONTROL OF THIS DEVELOPMENT.
SO IT'S A FIRST IN MULTIPLE STEPS WHERE WE WILL BE REPOSITIONING THE PROPERTY, UM, DOING SOME SIGNIFICANT CAPITAL IMPROVEMENTS INTO THIS PROPERTY.
UM, AND I WILL SAY THAT, UH, OUR, OUR PARTNERSHIPS, UM, HAVE GREATLY IMPROVED OVER THE YEARS.
UM, AND WE ARE INCREDIBLY SELECTIVE IN TERMS OF WHO WE ARE CHOOSING TO PARTNER WITH, UM, FOR SOME OF THESE VERY REASONS AND, AND LESSONS LEARNED.
I THINK THIS JUST A REALLY IMPORTANT, UH, TRANSACTION THAT WE ARE GOING TO BE MOVING FORWARD WITH.
AND YES, YOU WERE CORRECT THAT.
UM, UH, THERE HAVE BEEN SOME ISSUES AT THE PROPERTY FOR A TIME.
AND, UH, AGAIN, THIS IS THE FIRST STEP AND MULTIPLE STEPS TO REALLY MAKE SOME MAJOR IMPROVEMENTS, UM, AND BOTH THE ASSET, UM, AND THE PROPERTY MANAGEMENT ON SITE.
THANK YOU FOR THAT CONTEXT, MINDY.
ANYTHING ELSE ON THIS BEFORE WE TAKE A VOTE ON THE CONSENT AGENDA THOSE IN FAVOR OF THE CONSENT AGENDA, PLEASE RAISE YOUR HAND.
I THINK THAT IS ALL OF US WITH THAT COUNCIL MEMBER.
KELLY'S NOT ON THE SCREEN AND COUNCIL MEMBER FUENTES IS OXIDIZE.
THANK YOU FOR POINTING THAT OUT AS A NUMBER IN 30TH, YOU KNOW WHAT KATHY HAD BROUGHT UP MY COUNCIL MEMBER TOBO BROUGHT UP.
UH, I THINK THAT WE NEED A, UH, UH, A PUBLIC HEARING ON, UH, YOU KNOW, WHAT ARE WE DOING WITH, WITH THE STRIKE FUND AND HOW WE CAN WORK WITH THE CITY OF THIRST, POSSIBILITY OF MAYBE, UH, USING BOND MONEY OR ALSO, AND, AND, UH, TO, TO PURCHASE SOME OF THESE OLDER TAX CREDIT APARTMENTS THAT, YOU KNOW, WE TALKED A LOT ABOUT IT HERE ABOUT THREE YEARS AGO, AND I KNOW THERE'S A PROGRAM RIGHT NOW, OUT THERE THAT A NONPROFIT, UH, IMPLEMENTING PROGRAMS. SO I'M REALLY INTERESTED IN MAYBE FINDING OUT A LITTLE BIT MORE AND IF WE DON'T WANT TO HAVE, UH, MAYBE HAVE ONE AT THEIR PUBLIC, THE HOUSING COMPONENT TO FIND OUT EXACTLY WHAT WHAT'S BEEN GOING ON AND HOW WE CAN REALLY IMPLEMENT THAT PROGRAM CITYWIDE, WHERE WE COULD REALLY HELP OUT, BECAUSE, YOU KNOW, THE, UH, DIESEL OLDER APARTMENTS TAX CREDITS ARE COMING UP, AND I SEE THAT THOSE ARE UNITS LOSING THOSE SOLD OUT IN THE MARKET.
AND I KNOW THERE COULDN'T BE A LOT OF IT.
DID YOU RAISE YOUR HAND? YEAH, I WAS.
I WAS GOING TO SAY JUST WHAT, WHAT COMES I WAS REFERRING TO IS THAT MIGHT BE A CONVERSATION FOR THE HOUSING COMMITTEE, POTENTIALLY.
WE WON'T, THIS IS MANDY DE MAYO.
AGAIN, WE'LL CERTAINLY MAKE NOTE OF THAT.
AND I DO WANT TO ASSURE A COUNCIL MEMBER WHEN RHEA, THAT WE ARE HAVING ONGOING CONVERSATIONS, UM, WITH A PORTABLE CENTRAL TEXAS, WHICH IS THE NONPROFIT THAT OVERSEES THE PRIVATE EQUITY FUND, UH, SPECIFICALLY ABOUT, UH, ALIGNMENT WITH PROJECT CONNECT AND ACQUISITION OF EXISTING MULTIFAMILY PROPERTIES, UH, POTENTIALLY WITH EXPIRING TAX CREDITS.
SO I THINK THAT WOULD BE A GREAT CONVERSATION AT THE HOUSING AND PLANNING COMMITTEE.
I LIKE TO WORK TOGETHER WITH THE AUSTIN HOUSING CONSERVANCY.
IT'S GOOD TO SEE THAT AS WELL.
UM, WITH THAT, UH, IT IS 1232.
I AM GOING TO ADJOURN THE AUSTIN HOUSING FINANCE CORPORATION MEETING.