New Housing Leaders, Apartment Ownership
New Leadership for Housing Finance:
The Austin Housing Finance Corporation (AHFC) appointed Kirk Watson as its new President, Gus Garcia as Vice President, and solidified other key leadership and board positions.Cypress Hills Apartments Transfer:
Approval was given for the ownership transfer of the bond-financed Cypress Hills Apartments from one partnership to another.Affordable Housing Commitment Maintained:
The new owners of Cypress Hills Apartments will assume the existing regulatory agreement, ensuring the project continues to operate under its original terms, and paid a transfer fee to the AHFC.
Full Transcript
ahfc FINANCE CORPORATION Kirk Watson, President Gus Garcia, Vice President William Spelman, Director Jackie Goodman, Director Beverly Griffith, Director Daryl Slusher, Director Willie Lewis, Director Jesus Garza, General Manager James E. Aldridge, Secretary Andrew Martin, General Counsel BOARD OF DIRECTOR'S MEETING AUSTIN HOUSING FINANCE CORPORATION MINUTES WEDNESDAY, JUNE 25, 1997 The Board meeting of the Austin Housing Finance Corporation (AHFC) was convened. The following agenda items (set forth on the City of Austin Council Meeting agenda as items 23-25) were considered by the Austin Housing Finance Corporation's Board of Directors. 1. Approve the minutes of the April 2, 1997, and April 10, 1997 Board meetings. 2. 3. AHFC Resolution No. 97-0625-01 was approved on Board Member Slusher's motion, Board Member Griffith's second by a 4-0 vote. President Watson and Board Members Spelman and Lewis were off the dais. Approve a resolution to appoint Kirk Watson as President of the Austin Housing Finance Corporation (AHFC), to reappoint Gus Garcia as Vice President, Jesus Garza as General Manager, Andrew martin as General Counsel, and to acknowledge the appoint of Willie C. Lewis, and William Spelman to the Board of Directors of AHFC. (No fiscal impact) AHFC Resolution No. 97-0625-02 was approved on Board Member Slusher's motion, Board Member Griffith's second by a 4-0 vote. President Watson and Board Members Spelman and Lewis were off the dais. Approve a resolution authorizing the assumption of a regulatory agreement and consent to transfer the ownership of the Cypress Hills Apartments, a bond financed project from the Clifford Housing Partnership II, L.P., to Thurman Apartment Communities, L.P., and authroize the execution of necessary agreement, and other documents on behalf of the Corporation. (No fiscal impact, Thurman Apartment Communities will pay all legal fecs as well as a transfer fee of $10,800 to pay the AHFC at closing.) AHFC Resolution No. 97-0625-03 was approved on Vice President Garcia's motion, Board Member Spelman's second by a 7-0 vote. The meeting was adjourned.