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THE AZA HOUSING FINANCE CORPORATION MEETING HERE ON JUNE 16TH, 2022.UH, AND UH, THE BOARD OF DIRECTORS ARE ALL HERE AND TAKE US TO THE CONSENT AGENDA.
[Consent]
ABSOLUTELY.GOOD AFTERNOON, MANDY DEMAYO, AUSTIN HOUSING FINANCE CORPORATION.
WE HAVE EIGHT ITEMS ON TODAY'S AGENDA.
UH, AND THREE OF THOSE ITEMS ARE RELATED TO THE PRESERVATION OF AFFORDABLE HOUSING.
WE'RE VERY EXCITED TO ANNOUNCE.
UH, THE FIRST ITEM IS APPROVING THE MINUTES FROM THE MAY 19TH BOARD MEETING ITEMS TWO AND THREE ARE RELATED TO AN AHS EIGHT H F C SUBSIDIARY ACQUIRING A 70 UNIT SENIOR HOUSING COMPLEX, UH, WITHIN A HALF MILE OF THE HIGH CAPACITY PURPLE LINE.
AND THAT'S LOCATED IN DISTRICT THREE, IT'S CALLED CITY VIEW APARTMENTS ITEMS FOUR, FIVE, AND SIX ARE RELATED TO H CREATING AN HFC SUBSIDIARY TO ACQUIRE NATURALLY OCCURRING AFFORDABLE HOUSING, UM, ON ST JOHN'S AVENUE, WEST ST.
JOHN'S WITHIN A QUARTER MILE OF THE CRESTVIEW STATION.
UM, THAT IS AGAIN, 40 UNITS OF NATURALLY OCCURRING AFFORDABLE HOUSING.
IT IS CALLED MIDTOWN FLATS, THAT'S ITEMS FOUR, FIVE, AND SIX, AND ITEM SEVEN AND EIGHT IS RELATED TO BUYING OUT THE EQUITY INTERESTS OF A 240 UNIT APARTMENT COMPLEX WITHIN PROXIMITY, A HALF MILE OF THE ORANGE LINE NEAR STASSNEY LANE.
UM, AND THAT IS THE RETREAT AT NORTH BLUFF.
AND I OFFER ALL OF THESE ITEMS ON CONSENT.
I'M HAPPY TO TAKE ANY QUESTIONS.
IS THERE A MOTION TO APPROVE THE CONSENT AGENDA AS OVER HARPER? MADISON MAKES THE MOTION COUNCIL MEMBER ALLIS SECONDS AND DISCUSSION DIRECTOR, OUR PROVIDERS AND DIRECTOR.
ALICE HAS BEEN THE KITCHEN DIRECTOR KITCHEN.
SO ARE THESE ITEMS IS THE ANTI-DISPLACEMENT DOLLARS BEING USED TO PURCHASE THESE ITEMS? THANK YOU FOR ASKING THAT QUESTION.
SO TWO OF THE PROPERTIES ARE ACTUALLY UTILIZING FOR THE VERY FIRST TIME.
HFC IS USED UTILIZING THE PROJECT CONNECT ANTI-DISPLACEMENT DOLLARS.
THAT'S FOR THE ACQUISITION OF MIDTOWN FLATS, APPROXIMATELY $7.68 MILLION, AND THAT'S IN DISTRICT FOUR.
UM, AND THE OTHER IS $2.6 MILLION.
AND THAT CITY VIEW APARTMENTS, UM, IN DISTRICT THREE.
SO IN TOTAL, UH, IT'S NEARLY A LITTLE OVER $10 MILLION OF THE PROJECT CONNECT ANTI-DISPLACEMENT DOLLARS, THE RETREAT IN NORTH GLUCK.
UH, CITY VIEW APARTMENTS IS TWO AND THREE THAT'S CITY VIEW APARTMENTS, AND THAT WAS 2.6 MILLION IN PROJECT CONNECT DOLLARS.
UM, AND THEN FOUR, FIVE AND SIX ARE, UH, THE MIDTOWN FLATS AND THAT $7.68 MILLION.
AND THEN THE REMAINING ONE RETREAT AT NORTH BLUFF, WE'RE UTILIZING GENERAL OBLIGATION, THE 20, THE 2018 GENERAL OBLIGATION BONDS FOR THAT.
SO THEN THE RELATED QUESTION, I'M NOT CERTAIN OF WHEN THIS PART OCCURS, BUT, UM, I AM, I WOULD LIKE TO UNDERSTAND BETTER WHAT WE'RE, HOW WE'RE SETTING THE AFFORDABILITY LEVELS FOR THESE PROPERTIES.
UH, GIVEN SOME, UH, SOME CONCERNS THAT WERE EXPRESSED EARLIER.
I DON'T KNOW IF THOSE CONCERNS WILL BE APPLICABLE TO THESE PARTICULAR PROPERTIES, BUT I GUESS MY FIRST QUESTION WOULD BE AT WHAT POINT IN TIME DOES THE LEVEL OF AFFORDABILITY GET ESTABLISHED? SO, UH, IT DEPENDS ON THE ACTUAL PROPERTY FOR CITY VIEW APARTMENTS, WHICH IS CURRENTLY A LOW-INCOME HOUSING TAX CREDIT PROPERTY IT'S IN ITS COMPLIANCE PERIOD.
SO A HUNDRED PERCENT OF THE UNITS ARE AFFORDABLE AT, OR BELOW 60% MEDIAN FAMILY INCOME WITH OUR INTEREST IN THE PROPERTY, WE WILL BE PUSHING FOR DEEPER AFFORDABILITY.
THAT'S ONE OF THE ADVANTAGES OF HFC OR AN HFC SUBSIDIARY COMING INTO THE PARTNERSHIP.
UM, SO THAT CITY VIEW ACTUALLY OCCURRING AFFORDABLE HOUSING IS MIDTOWN FLATS IN DISTRICT FOUR.
UM, THAT PROPERTY WE'VE LOOKED AT THE RENT ROLL.
THE RENTS ARE SITTING, WE HAVE AN INCOME CERTIFIED THE RESIDENTS, BUT THE RENTS ARE SITTING AROUND 60% MFI RENTS.
AND OUR GOAL, UM, AS LONG-TERM OWNERS WILL BE TO DRIVE THOSE RENTS DOWN, UM, WE'RE PUTTING SOME ADDITIONAL, ONE OF THE ASKS IS OR $400,000, UM, FOR, UH, UH, MINOR REHABILITATION AND IMPROVEMENTS.
AND THEN WE WILL BE STABILIZING THE RENTS AND ENSURING THE LONG-TERM AFFORDABILITY, ALL OF THE HFC RELATED PROPERTIES.
OUR GOAL IS ALWAYS 50% FOR RENTAL 50% AND BELOW MEDIAN FAMILY INCOME.
AND I SH I SHOULD ALSO MENTION FOR RETREAT AT NORTH BLUFF, UM, THAT IS IN PARTNERSHIP WITH AFFORDABLE CENTRAL TEXAS, A NONPROFIT, UM, UH, EQUITY FUND.
UM, AND WE WILL BE BRINGING THEM INTO, WE'RE ACTUALLY DECREASING THE MARKET RATE UNITS THERE, UM, TO 80% MEDIAN FAMILY INCOME, AND THEN WE'RE DRIVING DOWN THE AFFORDABILITY
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AT ALL THE DIFFERENT LEVELS.IT MAY NOT HAPPEN IMMEDIATELY, UM, BUT ALWAYS OUR GOAL.
SO IT'S A PROCESS THAT DRIN, WHAT WE'RE APPROVING TODAY IS THE PURCHASE BY APPROVING THE PURCHASE AND THE CREATION OF THE NONPROFIT SUBSIDIARY.
SO WE CAN EFFECTUATE THAT PURCHASE.
THIS IS THE FIRST PROJECT WITH THE HOUSING CONSERVANCY.
HOPEFULLY NOT THE LAST, BUT YES, IT IS THE FIRST, YOU REMEMBER THE COUNCIL TALKING ABOUT THIS AS THE STRIKE FUND EIGHT YEARS AGO.
UH, WE TALKED ABOUT TRYING TO PUT TOGETHER SOMETHING THAT WOULD BE MARKET-DRIVEN AND MAYBE MEET SOME WORKFORCE HOUSING, UH, AND, UH, UH, IT'S BEEN DEVELOPED AND PICKED UP AND THEY'RE OUT RAISING MILLIONS OF DOLLARS FOR IT RIGHT NOW TO THAT END.
SO THANKS FOR PARTICIPATING IN THAT CONSENT AGENDAS IN FRONT OF US, COUNCILMEMBER KITCHEN.
UH, ONE LAST QUESTION, AND THIS IS PROBABLY FOR A LONGER CONVERSATION.
I WOULD LIKE TO HAVE ANOTHER CONVERSATION ABOUT THE RELATIONSHIP BETWEEN OUR USE OF THE ANTI-DISPLACEMENT DOLLARS, UM, AND THE AREAS THAT HAVE BEEN IDENTIFIED, UH, AT RISK OF GENTRIFICATION, BUT THAT'S A LONGER CONVERSATION THAN RIGHT NOW.
UH, IT'S ACTUALLY PRETTY QUICK, HOPEFULLY IN THAT WE ARE, OUR INVESTMENTS NEED TO ALIGN WITH OUR ANTI-DISPLACEMENT MAPS.
SO WE HAVE ONLINE WHERE WE ARE DRIVING ALL OF OUR INVESTMENT FOR THE 300 MILLION.
AND THESE PARTICULAR PROPERTIES FALL INTO THAT, THE PROXIMITY TO THE PROJECT CONNECT LINE, AS WELL AS FALLING INTO EITHER THE VULNERABLE TO DISPLACEMENT OR CONTINUED LOSS, THAT THE THREE AREAS, UM, THAT WE WANT TO PRIORITIZE OUR INVESTMENT.
CAUSE THAT'S REALLY WHAT I WANTED TO CONFIRM THAT THEY WERE IN THE GEOGRAPHIC AREAS THAT WERE AT RISK FOR, UH, DISPLACEMENT AT RISK OR EXPERIENCING.
COUNSEL TELLS ME I HAVE 60 SECONDS BEFORE WE HAVE TO STOP.
UH, LET'S TAKE A VOTE ON THE CONSENT.
NONE OF US, UM, WITH THAT THOUGH, OUR MEETING'S ADJOURNED HERE AT, UH, AT, UH, 3 0 4.