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FINANCE CORPORATION AND TAKE CARE OF THAT WITHOUT OBJECTION.THE AUSTIN CITY COUNCIL IS RECESSED AT 2:29 PM AND I'LL NOW CALL TO ORDER AT 2:29 PM ON MAY 7TH, 2026.
THE BOARD OF DIRECTORS MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION.
UM, WE HAVE A, WE HAVE A QUORUM OF THE, UH, BOARD OF DIRECTORS PRESENT.
WE ARE MEETING IN AUSTIN CITY HALL, WHICH IS LOCATED AT 3 0 1 WEST SECOND STREET IN THE CITY COUNCIL CHAMBERS, AND
[Consent]
I WILL NOW TURN TO THE STAFF.I AM NICOLE JOCELYN, I'M THE HOUSING AND COMMUNITY DEVELOPMENT OFFICER FOR AUSTIN HOUSING.
I'M HERE TO PRESENT THE HFC BOARD MEETING AGENDA TODAY WE HAVE TWO ITEMS ON CONSENT.
OUR FIRST ITEM IS TO APPROVE THE MINUTES OF THE HFC BOARD MEETING FROM APRIL 23RD, 2026, AND OUR SECOND ITEM IS TO APPROVE AN INDUCEMENT RESOLUTION FOR PRIVATE ACTIVITY BOND FINANCING THAT AUTHORIZES AN ALLOCATION OF UP TO $33 MILLION IN PRIVATE ACTIVITY VOLUME CAP MULTIFAMILY NON RE CORRESPONDS TO ELM RIDGE PRESERVATION LP.
THIS IS A PROPOSED REHABILITATION PROJECT OF AN AFFORDABLE MULTIFAMILY DEVELOPMENT KNOWN AS ELM RIDGE APARTMENTS, LOCATED AT 1190 AIRPORT BOULEVARD.
THIS IS IN COUNCIL DISTRICT ONE, AND THESE BONDS ARE NOT OBLIGATIONS OF A HFC OR THE CITY OF AUSTIN.
AND THE FULL FAITH AND CREDIT OF THE CITY OF AUSTIN IS NOT PLEDGED TO REPAY THESE BONDS.
ANYBODY HAVE ANY QUESTIONS OF STAFF? ALRIGHT, LEMME TURN TO THE, UH, CLERK AND ASK FOR SPEAKERS ON THE CONSENT AGENDA THAT, UH, I'M NOT, I HAVE NOT CALLED FOR A MOTION YET, BUT GO AHEAD AND CALL THE SPEAKERS.
WE HAVE ONE REMOTE SPEAKER ON ITEM HFC 0 0 2.
PATRICK BERRY, HELLO MAYOR AND CITY COUNCIL MEMBERS.
UM, I WE'RE EXCITED ABOUT THE OPPORTUNITY TO INVEST WHAT WILL AMOUNT TO OVER $85,000 PER DOOR INTO A MEANINGFUL REHABILITATION OF, UH, ELM RIDGE APARTMENTS, WHICH IS A 100% PROJECT BASED SECTION EIGHT PROPERTY LOCATED OFF OF AIRPORT BOULEVARD.
THIS IS A FAMILY PROPERTY WHERE OCCUPANCY IS RESTRICTED TO THOSE THAT EARN BELOW 50% OF THE AREA MEDIAN INCOME.
UH, WE WILL MAINTAIN AND PRESERVE THOSE AFFORDABILITY LEVELS.
NO RESIDENTS WILL BEAR THE BURDEN OF ANY RENT INCREASES.
AND THE EFFICIENT USE OF THIS SCARCE RESOURCE WILL ALLOW US TO ENACT, UH, AS I SAY, WHAT IS A, A MEANINGFUL REHABILITATION TO ALL THE UNITS, SITE, AND AMENITIES.
SO APPRECIATE THE CONSIDERATION.
THAT CONCLUDES ALL SPEAKERS, MAYOR MEMBERS.
THAT CONCLUDES ALL THE SPEAKERS, SO I'LL ENTERTAIN A MOTION AND A SECOND ON THE CONSENT AGENDA UNLESS SOMEBODY WANTS TO PULL SOMETHING FROM THE CONSENT AGENDA.
ALRIGHT, COUNCIL MEMBER BOARD MEMBER ELLIS MOVES THAT WE APPROVE THE CONSENT AGENDA.
IT IS SECONDED BY BOARD MEMBER VELAZQUEZ.
IS THERE ANY DISCUSSION ON THE CONSENT AGENDA? ANYONE WISHING TO BE SHOWN ABSTAINING FROM A VOTE ON THE CONSENT AGENDA? ANYONE WISHING TO RECUSE THEMSELVES FROM A VOTE ON THE CONSENT AGENDA? ANYONE WISHING TO BE SHOWN VOTING NO ON ANY ITEM ON THE CONSENT AGENDA? HEARING NONE WITHOUT OBJECTION.
THE CONSENT AGENDA IS ADOPTED AND, UM, WITH, WITH BOARD MEMBER FUENTES ABSENT FOR THE BIRTH OF HER CHILD.
SO, UH, THE CONSENT AGENDA IS, IS PASSED MEMBERS THERE BEING NO FURTHER BUSINESS TO COME BEFORE THE BOARD OF DIRECTORS OF THE AUSTIN HOUSING FINANCE CORPORATION AT THIS REGULAR MEETING ON MAY 7TH, 2026.
WITHOUT OBJECTION, WE WILL ADJOURN THE BOARD OF DIRECTORS MEETING OF THE AUSTIN HOUSING FINANCE CORPORATION AT 2:32 PM WE ARE ADJOURNED.