[00:00:01]
IN RECESS.[Consent]
CALL TO ORDER THE BOARD OF DIRECTORS OF THE AUSTIN HOUSING FINANCE CORPORATION AND ASK STAFF TO PLEASE, UH, WALK US THROUGH THE A H F C AGENDA.GOOD MORNING, MR. PRESIDENT MADAM VICE PRESIDENT BOARD OF DIRECTORS.
MY NAME IS JAMIE MAY, I'M THE HOUSING AND AND COMMUNITY DEVELOPMENT OFFICER WITH THE HOUSING DEPARTMENT.
UH, TODAY BEFORE YOU, YOU HAVE A VERY FULL AGENDA.
UH, WE WILL WALK THROUGH THIS, UH, RELATIVELY QUICKLY.
UH, THE FIRST 12 ITEMS I CAN OFFER ON CONSENT.
THE LAST ITEM IS A PUBLIC HEARING, SO WE'LL STOP AT THE 12TH AND THEN MOVE TO THE LAST.
FIRST, IT'S THE APPROVAL OF THE MINUTES FROM YOUR MAY 4TH MEETING.
SECOND IS THE AUTHORIZATION OF A LOAN FOR AHA AT BRIARCLIFFE, WHICH IS A PROPERTY AT 1915 B BRIARCLIFFE BOULEVARD FOR 1.5 MILLION USING GENERAL, GENERAL OBLIGATION BONDS AND HOUSING TRUST FUND DOLLARS.
NEXT, YOU HAVE AN A LOAN GOING TO KAREN POINT AT KAREN POINT AT CAMERON, UH, FOR A LOAN OF 6.077 MILLION.
UH, THAT WILL BE FOR THE DEVELOPMENT OF 150 UNITS, UH, AFFORDABLE BELOW 50% MFI.
NEXT, YOU HAVE AN 8.86 MILLION LOAN FOR NORMAN COMMONS, WHICH IS A, UH, AUSTIN HOUSING FINANCE CORPORATION PARTNERSHIP.
UH, THAT WILL BE FOR THE DEVELOPMENT OF 94 AFFORDABLE UNITS.
THEN YOU HAVE A LOAN FOR 6 MILLION FOR THE REBECCA, WHICH IS THE A, UH, A G C RBJ BUILDING, UH, THAT FOR IS FOR THE DEVELOPMENT OF 180 AFFORDABLE UNITS.
THEN A 6.4 MILLION, UH, LOAN TO THE RENT, UH, USING GENERAL OBLIGATION BONDS AND HOUSING TRUST FUND DOLLARS FOR 71 AFFORDABLE UNITS.
THEN THE WORKS THREE, WHICH IS A PROPERTY DEVELOPED BY, UH, LIFEWORKS.
WE DO HAVE A REPRESENTATIVE OF LIFEWORKS IN THE BUILDING THIS AFTERNOON.
UM, THAT IS FOR $8 MILLION, UH, USING THE H HPD TURS, UH, AND HOME DOLLARS.
THEN WE HAVE A LOAN FOR 4 MILLION TO RED OAKS, WHICH IS IN DISTRICT SIX.
IT'S A 200 USING 2018 GENERAL OBLIGATION BONDS FOR THE DEVELOPMENT OF 64 AFFORDABLE UNITS.
THOSE ARE ALL NEW DEVELOPMENTS.
THE NEXT FOUR ITEMS ARE DEVELOPMENTS THAT HAVE RECEIVED FINANCING FROM AUSTIN HOUSING FINANCE CORPORATION IN THE PAST, AND THEY'RE ASKING FOR AN ADDITIONAL, UH, AWARD.
THESE ARE FOR JUNIPER CREEK, ASKING FOR AN ADDITIONAL 3.3 MILLION FOR A TOTAL AMOUNT OF 6.6 MILLION.
UH, THIS IS DEVELOPED BY FOUNDATION COMMUNITIES AND WE DO HAVE REPRESENTATIVES FROM FOUNDATION COMMUNITIES IN THE, UH, BUILDING THIS AFTERNOON.
IF YOU HAVE ANY QUESTIONS, WE HAVE, UH, FOR, UH, GUADALUPE NEIGHBORHOOD DEVELOPMENT CORPORATION TO PURCHASE SEVEN ACRES.
UH, TO ADD ONTO THEIR GUADALUPE SALIA NET ZERO NEIGHBORHOOD, UH, A TOTAL LOAN OF, UH, $2.991 MILLION.
THEN WE HAVE THE, UH, HABITAT FOR HUMANITY DEVELOPMENT, MONS TOWNHOMES, UH, WHICH IS REQUESTING AN ADDITIONAL $360,000, UH, FOR A TOTAL LOAN OF $931,000.
UH, THIS WILL BE TO DEVELOP 12, UH, TOWN HOMES.
THEN FINALLY, FINALLY, WE HAVE, UH, AN ADDITIONAL AWARD OF 4.4 MILLION GOING TO, UH, CHESTNUT NEIGHBORHOOD REVITALIZATION CORPORATION FOR THE DEVELOPMENT OF THE SECOND PHASE OF THE CHACON.
THAT IS A TOTAL LOAN AMOUNT OF $5.7 MILLION FINANCED THROUGH THE H HPD TURS.
WITH ALL OF THOSE 11, UH, DEVELOPMENTS, I DO OFFER ALL 12 ITEMS ON CONSENT MEMBERS.
UM, COUNCIL MEMBER, CAN I GET A MOTION MEMBERS? UH, WE WILL TAKE UP ITEMS ONE THROUGH 12 AS A CONSENT AGENDA.
UM, COUNCIL MEMBER RYAN AL ALTER MOVES TO ADOPT A CONSENT AGENDA.
IT'S SECONDED BY BOARD MEMBER, UH, POOL.
UH, YEAH, I'M, I'M GETTING READY.
I WANT TO ASK, ARE THERE ANY SPEAKERS ON THIS ITEM OR ARE THEY ON THE PUBLIC HEARING? YES, MAYOR, WE HAVE ONE SPEAKER REGISTERED TO SPEAK ON ITEM THREE AND ITEM SIX.
ZENOBIA JOSEPH, PLEASE COME FORWARD.
COUNSEL, I'M ZNO JOSEPH SPEAKING ON ITEM THREE, WHICH IS KAREN POINT, CAMERON ROAD IN THE HIGHEST SPEED ROADWAY.
IT CONCENTRATES POVERTY, AND I DO BELIEVE IT VIOLATES THE FAIR HOUSING ACT OF 1968 AS IT RELATES SPECIFICALLY TO ITEM SIX.
THAT'S THE RENT OVER ON, UH, IT'S ABOUT TWO MILES FROM SAMSUNG JUST FOR A POINT OF REFERENCE, UH, 1000 EAST YEAGER LANE.
I JUST WANT YOU TO RE RECOGNIZE THAT WHILE YOU'VE JUST CELEBRATED PROJECT CONNECT, I WANT YOU TO REMEMBER THAT ON JULY 27TH, 2020, CAPITOL, METRO AND COUNCIL UNILATERALLY ELIMINATED THREE MINORITY NORTH EAST METRO RAPIDS, SPECIFICALLY SAMSUNG TO APPLE.
THERE IS NO TRANSPORTATION TO THAT AREA, MAYOR, AND I WANT YOU TO RECOGNIZE IT'S ABOUT 1.3, 1.4 MILES TO ROUTE 3 92.
[00:05:01]
IS THE ROUTE THAT ACTUALLY STARTED MY ADVOCACY.I COLLECTED 574 PETITION SIGNATURES IN 10 DAYS.
A LADY IN THE NEIGHBORHOOD NAMED WA COLLECTED ABOUT A HUNDRED SIGNATURES FROM THE SPANISH SPEAKERS.
AND SO I WANT YOU TO RECOGNIZE THAT WHILE YOU'RE PUSHING AFRICAN AMERICANS IN PARTICULAR AND OUR LOW INCOME WRITERS TO THE OUTSKIRTS OF AUSTIN, THERE ARE OVER 2000 UNITS, TWO MILES FROM SAMSUNG, AND THERE IS NO TRANSPORTATION.
THE $9.7 MILLION METRO RAPID WAS ELIMINATED.
JULY 27TH, 2020 $4.7 MILLION METRO RAPID FROM SAMSUNG TO APPLE WAS ELIMINATED AND DECKER TO DOWNTOWN, WHICH WOULD'VE SERVED THE BLACK PEOPLE IN EAST AUSTIN.
AND SO I WANT YOU TO RECOGNIZE THAT MY OPPOSITION IS NOT TO THE PEOPLE WHO LIVE THERE, IT IS TO THE CITY BECAUSE YOU SAY ONE THING, DO ANOTHER DOCUMENT WHAT IS SAID TO FOOL THE FEDS.
AND SO MY COMMENTS ARE SPECIFICALLY RELATED TO TITLE SIX OF THE CIVIL RIGHTS ACT OF 1964, WHICH PROHIBITS DISCRIMINATION BASED ON RACE, COLOR, OR NATIONAL ORIGIN.
SO I WOULD ASK YOU TO RECOGNIZE THAT THE 6 MILLION THAT'S ALLOCATED FOR THESE TWO PROJECTS, 6000006.4 MILLION, UM, IS NOT A GOOD USE OF OUR TAXPAYER DOLLARS.
AND I WOULD ASK YOU TO DO BETTER BY AFRICAN AMERICANS IN PARTICULAR.
IF YOU HAVE ANY QUESTIONS, I'LL GLADLY ANSWER THEM AT THIS TIME.
DO YOU HAVE ANY QUESTIONS? THANK YOU VERY MUCH FOR BEING HERE.
THAT CONCLUDES ALL THE SPEAKERS.
UM, MEMBERS, THE INTENTION WILL BE TO TAKE UP THE CONSENT AGENDA, UH, BY UNANIMOUS CONSENT.
IS THERE ANYONE WISHING TO PULL ANY ADDITIONAL ITEM OFF THE CONSENT AGENDA? I WOULD JUST LIKE TO ASK A QUESTION ABOUT THE WHOLE AGENDA, THE WHOLE CONSENT AGENDA, IF THAT'S OKAY? OKAY.
WELL GO AHEAD AND DO THAT, AND THEN WE'LL, WE'LL, WE'LL TAKE UP EXTENSIONS AND RECUSALS.
THE, THIS PERTAINS TO MULTIPLE OF THESE ITEMS. YOU MENTIONED THAT SOME OF THEM ARE, ARE COMING BACK FOR ADDITIONAL FUNDING, AND I, I GET, I'M NOT AGAINST THAT.
I JUST WANNA UNDERSTAND, GENERALLY SPEAKING, IS IT, UH, DUE TO MARKET CONDITIONS THAT WE'RE SEEING AS THE REASON WHY OR IS OR IS THERE SOME OTHER, GENERALLY SPEAKING, YES, SIR.
THE, UH, UH, MARKET CONDITIONS HAVE CHANGED.
COST OF, UH, COST OF MATERIALS, COST OF LABOR, COST OF BORROWING HAS, UH, EXTREMELY ELEVATED OVER THE LAST YEAR OR SO.
UM, JUST LOOKING AT THESE THREE D, THESE FOUR DEVELOPMENTS, UM, THEY ARE ALL UNDERWAY.
UH, THE, WITH THE EXCEPTION OF G NDCS, UH, SEVEN ACRES WEST, THAT IS A LARGER PROPERTY.
SO THIS WAS SOMETHING THAT THEY HAD INTENDED TO, UH, COME OUT AND BUY THAT PROPERTY FOR.
WE DO EXPECT THEM TO COME BACK FOR CONSTRUCTION FINANCING AT THE END, UH, ONCE THEY GET THE, UM, HORIZONTAL CONSTRUCTION FINISHED.
UM, I WILL NOTE THAT THIS, UH, ALL 12, ALL 11 ITEMS CONSTITUTES ABOUT 65 MILLION IN, UH, IN AWARDS, UH, GENERATING OVER 850 AFFORDABLE UNITS.
I'M REALLY EXCITED TO SEE OUR BOND DOLLARS ALREADY GOING TO WORK AND, UH, DELIVERING, YOU KNOW, WHAT THE VOTERS ASKED FOR.
I JUST ONE ADDITIONAL QUESTION, AND THAT IS, AS YOU WEIGH PROJECTS LIKE THESE ADDITIONAL PROJECTS COMING FORWARD, DO YOU HAVE ANY, UM, DIFFERING METRICS OR DO YOU THINK DIFFERENTLY ABOUT, LET'S SAY A FOR-PROFIT DEVELOPER VERSUS A NON-PROFIT? YOU KNOW, THEY'RE BOTH GONNA GET THE DEVELOPER FEE WHERE IT GOES IS A LITTLE DIFFERENT, BUT, UH, DO WE WEIGH THOSE DIFFERENTLY OR DO WE JUST LOOK AT KIND OF THE END PRODUCT AND, AND THE BALANCE SHEET, THE TERM SHEET I SHOULD SAY? SO EVERY DEVELOPMENT IS DIFFERENT.
UM, AND EVERY DEVELOPER IS DIFFERENT.
WE, UH, WE HAVE MULTIPLE FOR-PROFIT DEVELOPERS THAT WE WORK WITH REGULARLY AS WELL AS OUR NON-PROFIT DEVELOPERS.
UM, GENERALLY WHERE WE HAVE ANY DIFFERENCES, UH, COMES AT THE END, UH, WHERE WE TA START TALKING ABOUT TERMS A, UH, UM, SMALL NON-PROFIT LIKE, UH, CHOTO, UH, OR GN DC UH, MAY BE DIFFICULT TO, UH, TO PAY A TWO AND A HALF PERCENT INTEREST ON A LOAN.
UM, SO WE'LL, WE'LL NEGOTIATE ON THAT LEVEL AS OPPOSED TO WHETHER OR NOT AN AWARD IS, IS VIABLE.
UM, WHEN WE ARE MAKING AN AWARD OR RECOMMENDING AN AWARD, UH, WE LOOK AT THE LOCATION, WE LOOK AT THE PROFORMA, WE LOOK AT THE DEVELOPER, WE TAKE A FULL, UH, VIEW OF THE APPLICATION AS A WHOLE AND REALLY TRY TO PULL IT APART AND, UH, UH, TEASE IT OUT SO WE KNOW THAT WE'RE INVESTING, WE'RE MAKING RECOMMENDATIONS FOR INVESTING OUR FUNDS IN THE MOST APPROPRIATE AND EFFECTIVE WAY POSSIBLE.
ANY OTHER QUESTIONS OF STAFF? IS THERE ANYONE WISHING TO BE SHOWN RECUSING THEMSELVES ON ANY OF THE, UH, CONSENT AGENDA ITEMS? IS THERE ANYONE WISHING TO ABSTAIN FROM VOTING ON ANY OF THE CONSENT AGENDA ITEMS? IS THERE ANYONE WISHING TO VOTE NO ON ANY OF THE CONSENT ITEMS? COUNCIL MEMBER KELLY? YES.
THANK YOU VERY MUCH FOR THE RECOGNITION.
I WOULD LIKE TO BE SHOWN AS VOTING NO ON ITEMS TWO THROUGH EIGHT ON THE CONSENT AGENDA, YOU'LL BE SHOWN VOTING NO ON ITEMS TWO THROUGH EIGHT ON THE CONSENT AGENDA.
IS THERE ANYONE ELSE WISHING TO BE SHOWN VOTING NO ON ANY ITEMS
[00:10:01]
ON THE CONSENT AGENDA? YOU'VE HEARD THE CONSENT AGENDA.IS THERE ANY OBJECTION TO THE ADOPTION OF THE CONSENT AGENDA? IS READ HEARING NONE? UH, THE CONSENT AGENDA IS ADOPTED WITHOUT OBJECTION.
COUNCIL MEMBER KELLY BEING SHOWN VOTING NO ON ITEMS TWO THROUGH EIGHT AND ONE ABSENCE, THAT WILL TAKE US TO ITEM NUMBER 13.
THIS IS A PUBLIC HEARING FOR THE ISSUANCE OF, UH, PRIVATE ACTIVITY BONDS, UH, FOR UP TO 50 MILLION FOR SEABROOK HOUSING, WHICH IS THE SEABROOK SQUARE, UH, PROPERTY LOCATED ON MAYNARD ACROSS FROM THE MUELLER DEVELOPMENT.
IS THERE ANY OBJECTION TO OPENING THE PUBLIC HEARING ON ITEM NUMBER 13? HEARING NONE THE PUBLIC HEARING IS OPENED.
IS THERE ANYONE SIGNED UP TO SPEAK ON ITEM NUMBER 13 AS PART OF THE PUBLIC HEARING? THERE IS NOT MAYOR.
THERE BEING NO ONE TO SPEAK ON ITEM NUMBER 13 AS PART OF THE PUBLIC HEARING.
IS THERE ANY OBJECTION TO CLOSING THE PUBLIC HEARING? HEARING NONE THE PUBLIC HEARING IS CLOSED.
THIS IS, THIS DOESN'T INDICATE AN ACTION.
ARE YOU EXPECTING AN ACTION TODAY? NO, SIR.
WANTED TO MAKE SURE, UM, THEN WE'LL, WE, I THINK WE'RE DONE RIGHT? YES, SIR.
UM, IT'S GOOD TO BE RIGHT EVERY NOW AND THEN
UH, SO, UH, WITH THAT BEING SAID, IS THERE ANY OBJECTION TO ADJOURNING THE BOARD OF DIRECTORS MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION? HEARING NONE, THE AUSTIN HOUSING FINANCE CORPORATION IS ADJOURNED.