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CALL TO ORDER THE BOARD OF DIRECTORS MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION.WE HAVE A QUORUM OF THE BOARD PRESENT MEETING IN THE CITY COUNCIL CHAMBERS AT CITY HALL AT 3 0 1 WEST SECOND STREET.
UM, Y'ALL ARE WELCOME TO STAY
[Consent]
GOOD MORNING, MAYOR AND COUNCIL, MANDY DE MAYO, UH, CITY OF AUSTIN HOUSING DEPARTMENT AND TREASURER OF AUSTIN HOUSING FINANCE CORPORATION.WE JUST HAVE ONE THING ON TODAY'S AGENDA THAT I OFFER ON CONSENT AND THAT ITEM IS AUTHORIZED.
YOU WHAT FOLKS? FOLKS, I KNOW WE'RE HAPPY AND IT'S GOOD, BUT, UH, I NEED YOU TO LET US CONTINUE BUSINESS.
WE GOT A LOT OF BUSINESS TODAY, SO PLEASE TAKE YOUR CONVERSATIONS OUTSIDE.
THIS ITEM ON CONSENT IS AUTHORIZING STAFF TO MOVE FORWARD WITH THE FORMATION OF A HFC 5 0 1 C3 NONPROFIT CORPORATION, ALLOWING US TO, UH, CREATE THE BYLAWS AND APPOINT THE BOARD OF DIRECTORS AND FORM AFFILIATE 5 0 1 C3 ORGANIZATIONS UNDERNEATH, UH, THAT A HFC 5 0 1 C3 CORPORATION.
ANY QUESTIONS MR. MANU? I'LL TURN TO THE CITY.
FOLKS, I REALLY DO NEED Y'ALL TO TAKE YOUR CONVERSATIONS OUTSIDE.
UH, IF YOU'RE TALKING YOU PROBABLY CAN'T HEAR ME, CAN YOU?
UH, DIRECTOR SLASH UH, TREASURER.
I GUESS IF YOU COULD JUST EXPLAIN A LITTLE MORE, UH, WHAT YOU THINK THE BENEFIT OF THIS, UH, 5 0 3 WOULD BE.
THIS IS EFFECTIVELY, AND I DO HAVE OUR LEGAL COUNSEL HERE, SHEA KACKLEY, WHO COULD PROBABLY EXPLAIN THIS MORE ELOQUENTLY, BUT THIS IS EFFECTIVELY CREATING AN UMBRELLA NPC ORGANIZATION AND THEN OUR INDIVIDUAL NONPROFIT CORPORATIONS, UH, IN WHICH WE, UH, HAVE INDIVIDUAL PROPERTIES THAT A HFC IS THE GENERAL PARTNER.
THOSE FALL UNDER THE UMBRELLA ORGANIZATION.
SO IT'S CREATING AN ADDITIONAL, UM, LAYER BETWEEN A HFC, THE BOARD OF DIRECTORS, AND THE A HFC MPCS INDIVIDUAL MPCS.
AND DOES IT MAKE IT EASIER TO RAISE MONEY, UH, FOR CERTAIN TYPES OF AFFORDABLE HOUSING? YOU KNOW, WHAT, WHAT KIND OF THE BENEFIT? UH, THE BENEFIT AND HERE COMES MY ATTORNEY TO, TO TELL US THE BENEFITS.
IT DOES NOT IMPACT OUR ABILITY TO RAISE FUNDS OR DEPLOY FUNDS.
GOOD MORNING SHAIK ACCOLADE, DEPUTY GENERAL COUNSEL.
UH, THE MAIN BENEFIT IS WE'RE GONNA GO AFTER THE SET ASIDE ALLOCATION FOR TAX CREDITS.
WE NEED A 5 0 1 C3 IN ORDER TO DO THAT.
SO IT'S GONNA GIVE US ANOTHER LEVER TO PULL IN ORDER TO GET FUNDS FOR, FOR HOUSING.
THAT'S THE MAIN BENEFIT, BUT ALSO WE CAN CREATE SUB H, UH, SUB 5 0 1 C THREES UNDER IT TO BE GENERAL CONTRACTORS.
LIKE MANNY SAID, WE'RE ON ON PROPERTY.
THIS GIVES US A FLEXIBILITY TO CREATE THESE ENTITIES AS SINGLE ASSET ENTITIES TO PROTECT HH AND ITS ASSETS.
ANY FURTHER QUESTIONS TO STAFF? UH, CITY CLERK? DO WE HAVE ANYONE SIGNED UP TO SPEAK ON THIS? UH, AUSTIN HOUSING FINANCE CORPORATION BOARD OF DIRECTORS ITEM? YES.
WE HAVE ONE SPEAKER, ZIA JOSEPH ON A HFC ITEM ONE.
MS. JOSEPH, YOU HAVE THE MICROPHONE.
THANK YOU, MAYOR COUNCIL, I'M ZIA JOSEPH.
I WANNA THANK, UH, MIKE SIEGEL FOR ASKING THE QUESTION.
SPECIFICALLY, I'M IN OPPOSITION TO THIS ITEM AND WANT YOU TO RECOGNIZE THAT ONCE AGAIN, MANDY DE MAYO SHOULD RESIGN.
IF YOU LOOKING BACK UP, YOU WILL SEE THAT THIS NONPROFIT WILL HAVE NO MEMBERS.
THE PUBLIC WON'T EVEN KNOW WHAT THEY'RE DOING.
I JUST WANNA REMIND YOU ABOUT THE PROPAGANDA.
IT WAS MANDY DE MAYO WHO OVERSEES THE $300 MILLION THAT COUNCIL APPROVED NOVEMBER 3RD, 2020 FOR PROJECT CONNECT.
THERE IS NO LIGHT RAIL SYSTEM GOING NORTH OF US.
180 3 AND NOT EVEN THE GREEN LINE HAS EVER BEEN FUNDED.
IT WAS 24 TO 30 YEARS FOR THE RAIL TO EVEN GO NORTH.
LAMAR TO TECH RIDGE PARK AND RIDE MARCH 9TH, 2020, PAGE 29 OF THE DOCUMENT.
I WANT YOU TO RECOGNIZE, THIS IS WHAT I'VE BEEN TALKING ABOUT ALL DAY.
YOU'LL SEE THE DISCONNECT ON THE LEFT SIDE.
IT'S JUST GRAY ON THE RIGHT IS WHERE THE NETWORK IS, BUT MANDY MAYO WANTS US TO BELIEVE THAT SOMEHOW OR ANOTHER THERE'S ANTI DISPLACEMENT NEEDED IN NORTHEAST AUSTIN.
SENATOR JANE NELSON AT THE TIME WAS THE FINANCE CHAIR AND SHE ACTUALLY HELPED TO KILL THE DOWNTOWN TUNNEL BILL WHEN I TOLD HER ABOUT TITLE VI OF THE CIVIL RIGHTS ACT IN 1964, WHICH PROHIBITS DISCRIMINATION BASED ON RACE, COLOR, NATIONAL ORIGIN, AND TOLD HER IF THEY PASSED HOUSE BILL 3 8 9 3, THEY WOULD JEOPARDIZE THE STATE'S FUNDING.
THIS PARTICULAR NONPROFIT HAS TO GO TO SENATOR JANE NELSON, FORMER SENATOR NOW SECRETARY OF STATE.
I'M GONNA ASK HER TO REVOKE IT.
IF YOU LOOK AT THE BOTTOM, YOU'LL SEE THERE ARE FEWER THAN 10 AFFORDABLE
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HOMES.WERE IN DISTRICTS FIVE, SIX, AND EIGHT.
IF YOU GO TO THE NEXT SLIDE, YOU'LL SEE THIS IS WHAT BLACK PEOPLE LOOK LIKE ON A DAILY BASIS.
ON THE RIGHT IS WHERE YOU APOLOGIZE.
AND THIS IS WHERE THE HYDE PARK IS STRICTLY FOR WHITE PEOPLE, BUT THIS IS WHAT MANDY DE MALE PUT BEFORE US 80 TO 120% AREA MEDIA INCOME AT CRESTVIEW STATION NOT TO SERVE THE PEOPLE, BLACK PEOPLE WHO EARN ABOUT $42,000, NOT THE HISPANICS $50,000.
ACCORDING TO YOUR NOVEMBER, 2020 REPORT OF THE MINORITY CHAMBERS.
AND LASTLY, I WANT YOU TO REMEMBER, IF YOU HAVE ANY QUESTIONS, I'LL GLADLY ANSWER.
THAT CONCLUDES A HFC SPEAKERS MEMBERS.
THERE ARE NO NO OTHER SPEAKERS ON THE ONE ITEM ON CONSENT.
UH, THE CHAIR WILL ENTERTAIN A MOTION TO APPROVE THE CONSENT AGENDA.
UH, THE VICE CHAIR, VICE PRESIDENT OF THE OF THE BOARD OF DIRECTORS MOVES APPROVAL.
IT'S SECONDED BY, UH, BOARD MEMBER HARPER MADISON MEMBERS, IS THERE ANY DISCUSSION? IS THERE ANYONE WISHING TO ABSTAIN FROM A VOTE ON THIS ITEM? ANYONE WISHING TO RECUSE THEMSELVES FROM A VOTE ON THIS ITEM? ANYONE WISHING TO BE SHOWN VOTING NO ON THIS ITEM WITHOUT OBJECTION.
THE CONSENT AGENDA IS APPROVED.
WITHOUT OBJECTION, WE WILL ADJOURN THE MEETING OF THE BOARD OF DIRECTORS OF THE AUSTIN HOUSING FINANCE CORPORATION.
WE ARE ADJOURNED AT 11:47 AM AND.