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TO ORDER THE BOARD OF DIRECTORS MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION AT 10:39 AM WE ARE MEETING AT CITY HALL IN THE COUNCIL CHAMBERS AT 3 0 1 WEST SECOND STREET, AND WE HAVE ALL OF THE MEMBERS OF THE BOARD OF DIRECTORS OF THE A OF A HFC.I WILL NOW RECOGNIZE STAFF FOR
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A PRESENTATION WITH REGARD TO OUR AGENDA.GOOD MORNING, MR. PRESIDENT MADAM, UH, VICE PRESIDENT BOARD OF DIRECTORS.
I'M THE HOUSING AND COMMUNITY DEVELOPMENT OFFICER FOR THE HOUSING DEPARTMENT.
UH, TODAY I'M HERE TO PRESENT YOUR AGENDA FOR THE APRIL 10TH MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION BOARD OF DIRECTORS.
UH, THIS AGENDA HAS THREE ITEMS. FIRST IS THE APPROVAL OF THE MINUTES FROM THE JANUARY 30TH AND THE FEBRUARY 2ND.
FOLKS, IF YOU'RE TALKING, PLEASE STOP AND GO OUTSIDE.
UH, THE FIRST ITEM IS THE APPROVAL OF THE MINUTES FROM THE JANUARY 30TH AND THE FEBRUARY 13TH, A HFC BOARD MEETINGS.
THE SECOND ITEM IS THE AUTHORIZATION AND NEGOTIATION OF A, UH, LOAN TO AMEX MAINOR FUND LP, UH, FOR THE DEVELOPMENT OF MAINOR APARTMENTS LOCATED AT 6 7 2 1 MAINOR ROAD, WHICH IS NEAR THE INTERSECTION OF, UH, MAINOR AND ED BLUESTEIN.
UH, THIS WOULD BE, UH, FUNDED FROM THE, UH, AFCS FISCAL YEAR 2025 CAPITAL BUDGET, UH, FOR A TOTAL OF 5.75 4,000,005 $4 MILLION.
THE THIRD ITEM ON YOUR AGENDA IS THE AUTHORIZATION OF A LOAN TO BAILEY AT STASSNEY LP FOR AN AMOUNT NOT TO EXCEED $5.6 MILLION.
THIS IS A MULTI-FAMILY RENTAL DEVELOPMENT LOCATED AT OR NEAR FOUR HUNDRED AND FOUR OH FOUR WEST STANE LANE.
UH, THE FUNDING IS AVAILABLE IN OUR, UH, AH, HFCS FISCAL YEAR 2025 CAPITAL BUDGET, AND I WOULD BE HAPPY TO ANSWER ANY QUESTIONS.
MEMBERS, UH, COUNCIL MEMBER, BOARD MEMBER HARPER MADISON.
UH, CAN YOU TELL ME UNDER WHAT CIRCUMSTANCES WE EXTEND A LOAN TO, UM, UM, THAT KIND OF ORGANIZATION, THE MULTIFAMILY ORGANIZATION? UM, I'M SORRY, I'M NOT SURE IF I UNDERSTAND THE QUESTION.
EXTEND A, UH, OFFER OR PROVIDE A LOAN TO THE, UH, CORRECT.
UM, THROUGH OUR RENT RENTAL HOUSING DEVELOPMENT ASSISTANCE PROGRAM, UH, WE HAVE AN APPLICATION PROCESS WHEREIN DEVELOPERS PROVIDE ALL THE INFORMATION SUCH AS, UH, UNIT COUNT, UH, IN INCOME MIX, UM, DEVELOPMENT COSTS AND OTHER SOURCES.
WE DO ASK THAT DEVELOPERS PROVIDE ALL OF THE OTHER SOURCES SO THAT WE ARE TRULY PROVIDING A GAP TO THE FINANCING OF THE PROPERTY.
UM, AS LONG AS THESE, UH, PROPERTIES MEET OUR EXPECTATIONS, WE CAN FUND 50% MEDIAN FAMILY INCOME UNITS AT THE PROPERTY.
IF THERE ARE NO 50% MEDIAN FAMILY INCOME UNITS, WE CANNOT FUND THE PROPERTY.
UH, BUT ASSUMING THAT WE HAVE FUNDS AVAILABLE MM-HMM
UM, AND THEY MEET ALL THE REQUIREMENTS OF THE PROGRAM AND THE REQUIREMENTS OF THE FUNDING SOURCE MM-HMM
UH, THEN WE CAN EXTEND THAT LOAN.
UM, AND THE LAST QUESTION, HOW DOES A DEVELOPER FIND OUT ABOUT A PROGRAM LIKE THIS? TYPICALLY? TYPICALLY WE'VE, UH, UH, WE WORK WITH OUR DEVELOPMENT COMMUNITY.
UH, WE WORK DIRECTLY WITH THE AUSTIN HOUSING COALITION.
UM, WE'VE ALSO, UH, WORKED WITH THE TEXAS ASSOCIATION OF AFFORDABLE HOUSING PRODUCER T UH, TAP, I BELIEVE IS WHAT IT'S CALLED, UM, AS WELL AS, UH, TEXAS ASSOCIATION OF LOCAL HOUSING FINANCE AGENCIES, UH, TO LET EVERYONE KNOW THAT WE HAVE THIS PROGRAM, AND IF A DEVELOPER IS COMING IN FROM OUT OF TOWN OR OUT OF STATE MM-HMM
UH, THEY CAN REACH OUT TO US AND WE CAN TALK THEM THROUGH SOME OF OUR DIFFERENT PROGRAMS. FANTASTIC.
I SAID LASTLY, LASTLY, LASTLY, UM, SINGLE FAMILY, IS IT ONLY APPLICABLE FOR MULTIFAMILY OR IF A SINGLE FAMILY IS AT LEAST 50% OF AFFORDABLE, SO LET'S SAY THE, OH, OWNER OF THE HOME ACCEPTS THE HOUSING CHOICE VOUCHER MM-HMM
THAT IS ELIGIBLE, THAT WOULD BE ELIGIBLE.
IT WOULD ALSO HAVE TO BE COMPETITIVE, HOWEVER, SO IF WE'RE ONLY TALKING ABOUT A SINGLE UNIT MM-HMM
UM, THEN WE ARE LOOKING FOR A, A DEEP LEVERAGE OF OUR FUNDS.
UH, SINGLE FAMILY UNITS ARE GENERALLY MORE EXPENSIVE THAN MULTIFAMILY.
UH, BECAUSE OF THE COST OF LAND.
UH, THAT'S WHY MOST OF OUR SINGLE FAMILY UNITS GO THROUGH OUR OWNERSHIP HOUSING DEVELOPMENT ASSISTANCE PROGRAM.
UH, IT PR IT ALLOWS FOR A HIGHER MEDIAN FAMILY INCOME, UH, SO UP TO 80%.
UM, SO WE'RE A LITTLE BIT MORE COMFORTABLE KNOWING THAT THOSE UNITS WILL BE SOLD AND THE, AND UH, MOVE OFF OF THE MARKET.
ANY OTHER QUESTIONS OF, OF STAFF BY ANY OF THE BOARD MEMBERS IN THAT CASE? UH, I WILL ENTERTAIN A MOTION TO ADOPT THE CONSENT AGENDA AS READ, UH, MADE BY BOARD MEMBER HARPER MADISON.
IS THERE A SECOND BOARD MEMBER? ELLIS SECOND THE MOTION.
I'LL NOW LOOK AT THE, UH, CITY CLERK AND ASK FOR THEM TO HELP US WITH SPEAKERS.
FOR, UM, A HFC ITEM NUMBER ONE, BAILEY MALECHI.
AND FOR A HFC ITEM NUMBER THREE, ENOVIA.
JOSEPH, ARE THEY BOTH REMOTE? THAT CONCLUDES NO, ONE OF THEM WAS IN PERSON.
AND, UM, COULD YOU SAY THE NAMES AGAIN? SURE.
MESHI BAILEY AND ZENOBIA JOSEPH.
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ARE EITHER OF THOSE PEOPLE HERE? OKAY.I THAT CONCLUDE ALL THE, THAT CONCLUDES ALL THE SPEAKERS MEMBERS.
THAT CONCLUDES ALL THE SPEAKERS THAT HAVE SIGNED UP ON THE AUSTIN HOUSING FINANCE CORPORATION BOARD OF DIRECTORS AGENDA.
UH, WE HAVE A MOTION AND A SECOND.
IS THERE DISCUSSION? IS THERE ANYONE WISHING TO ABSTAIN FROM A VOTE ON THE CONSENT AGENDA AS IT WAS READ, ANYONE WISHING TO RECUSE THEMSELVES FROM A VOTE ON THE CONSENT AGENDA AS IT WAS READ, ANYONE WISHING TO BE SHOWN VOTING NO ON AN ITEM ON THE CONSENT AGENDA? HEARING NONE WITHOUT OBJECTION.
THE CONSENT AGENDA OF THE AUSTIN HOUSING FINANCE CORPORATION BOARD OF DIRECTORS IS ADOPTED.
THERE BEING NO FURTHER BUSINESS TO COME BEFORE THE BOARD OF DIRECTORS OF THE AUSTIN HOUSING FINANCE CORPORATION AT THIS REGULAR SCHEDULED MEETING.