Austin Housing Finance Corporation (AHFC) Transcript – 2/29/2024 Title: ATXN-1 (24hr) Channel: 1 - ATXN-1 Recorded On: 2/29/2024 6:00:00 AM Original Air Date: 2/29/2024 Transcript Generated by SnapStream ================================== Please note that the following transcript is for reference purposes and does not constitute the official record of actions taken during the meeting. For the official record of actions of the meeting, please refer to the Approved Minutes. [10:58:35 AM] I'll now call to order the meeting of the board of directors of the Austin housing finance corporation. It's 1058 on Thursday, February 29th. We have a quorum of the board of directors present. We are meeting at city council chambers in city hall at 301 west second street. I'll recognize staff to discuss the consent agenda for ahc. >> Good morning. Board of directors. My name is Jamie may. I'm the housing and community development officer with the housing department. I'm here today to present your agenda for the Austin housing finance corporation board of directors meeting. Unlike the previous meetings, this is going to take a little bit of time. We have, $50 million of, award awards to go over and, that equates to [10:59:36 AM] go over and, that equates to approximately 1000 new or preserved, affordable housing units in the city. We are also recommending awarding developments in six different council districts. That's the council districts one, two, three and seven, eight, nine. I'll go over the, nine recommendations for awards. First, the first item on your agenda is to approve the meetings from January 18th. Approve the meeting minutes from January 18th. The second item on your agenda is for the funding of balconies. Sorry. Funding of balconies. Terrace. This is located in district seven. It is to provide an additional $1.5 million in cdbg funds or community development block grants to support the 123 units under development. Currently that is, 123 units dedicated to individuals experiencing homelessness, 50 of those units have been dedicated to the continuum of care. Second, you have a, kenpoint at montopolis. Sorry Karen point at montopolis [11:00:37 AM] Sorry Karen point at montopolis is located in district three. We are recommending a $6 million award in general obligation bonds for this property. It is 150 units of supportive housing, 50 units of that development have been dedicated to the continuum of care for the escuela novella nueva property located in district three. Is also being recommended. For $9.7 million. This is a development, sponsored by Guadalupe neighborhood development corporation. It is a, 114 unit property, 20 units below 30. And 66 units below 50. Mfi next we have the Mary Lee square, which is a property located in district nine. This is multiple developments on a circle. It's just south of the Alamo on south Lamar. This is a, an application to, approve the subsidy, subsidy for the apple for the acquisition of the property by foundation communities. Of the [11:01:39 AM] foundation communities. Of the multiple developments on the site, 88 units will be available for 30% median family income, 64 units will be available for 50. Median family income. Next, we have Reale gardens, which is a construction, a new construction development located in district one. This is to fund 60 units of supportive housing, sponsored by capital, a housing and family elder care. The unit mix will be 35 units below 30. Median family income, two units below 40. Median income, and 23 units below 50. This is a permanent supportive housing development. Seabrook square two is also a permanent supportive housing development with 60 units, all dedicated to the continuum of care. This is a ground lease by the Austin housing finance corporation to integral care for the development of this property . Currently we are recommending approximately $5.18 million in downtown density bonus, and $1 million in general obligation [11:02:39 AM] million in general obligation bonds. This will be again, 60 units of supportive housing, all available below 30% median family income. Next we have sunset ridge, which is located in district eight. This was approved for $8.8 million in in general obligation bonds. Sorry. We are recommending $8.8 million in general obligation bonds. Funding will go toward, 221 Mueller family units. That is 100 units affordable, below, 50% mfi 60 units below, sorry, 76 units below 60% mfi and 45 units below 80% mfi. Next we have 5900 south pleasant valley. This is also a ground lease from the Austin housing finance corporation. This is in district two, where we will construct 74 unit multifamily residential development. This is 19 units, of affordable, below 30% mfi and the balance of 55 units affordable, below 55. Mfi. This is a partnership with structured [11:03:40 AM] is a partnership with structured development and jcm ventures. Next we have pns GSN's seven acres west. This is the development from by our friends at Guadalupe neighborhood development corporation. This is the Guadalupe saldanha net-zero neighborhood. They are adding seven additional acres to that property for the construction of nine new ownership units within the 51 ownership unit project, 14 of the 51 units are affordable, below 60% mfi for ownership and 37 of the units are affordable, below 80% mfi for ownership. Those are the all of the units, being brought online. I'll note that there are , almost 400 permanent supportive housing units or units dedicated to individuals experiencing homelessness. There are 220 units of that that are dedicated to the continuum of care, and again, over 1000 units being supported, through this action today. Today bringing in $50 million worth of reports of support. I will also note in the [11:04:41 AM] support. I will also note in the in this round, we had approximately $110 million worth of requests. We would love to have funded everybody, but our pockets are only so deep. The final item on your agenda is an extension for a contract with capital impact partners. We recently held a small developer training program. This extension four times so that we can pay out the balance of their draw requests. And I offer all of these items on consent questions of staff before we go to speakers. >> Thank you very much. And I'll just I want to highlight how big a deal we're getting ready to, to do. So, and I mean that in a positive way. It's a big positive, day that we're having, when we vote on this in a minute . But let's go to the speakers and I'll, go to the city clerk to see if we have any speakers on these items. >> Yes, mayor. We have one remote speaker. Zenobia Joseph. Item 2345678. And nine. Okay [11:05:43 AM] Item 2345678. And nine. Okay miss Joseph, please go ahead. >> Thank you. Mayor. Council. I'm Zenobia Joseph. My comments are specifically related to the items in general that the clerk mentioned. I will just point out that on item three, the Vecino group that developer was actually disingenuous when he constructed 1934 as barrow, Rutland. I want you to use that as your base. There's 171 units there, 101 of those units are actually 30% area median income. None of the items on your agenda today have 100 voucher holders that will be occupying the unit that you're approving. I want you to recognize that capital metro unilaterally eliminated 240 Rutland, June 3rd, 2018. When they passed a cap remap. I want you to recognize as well that when you are placing a unit [11:06:43 AM] that when you are placing a unit near robust transit like real garden, there's actually only 35 of the 60 units that are 30% area median income. And so I've asked mandi Demayo to give you an overlay. So that you can actually see the density and the area median income similar. I will tell you that in district eight, specifically, you have 80% area median income, 99 year lease. Through the housing authority of the city of Austin and the units you're approving today don't have 30% area median income. I just want you to recognize that the transportation Ann is disconnected north of us 183. And in the areas where you have robust transportation, specifically the montopolis area, you do have a mix of units in that area. And I do appreciate seeing that with that Vecino group properties for Karen point, but that is not the reality. North of us. 183 there [11:07:43 AM] reality. North of us. 183 there are 1194 units right at Yeager and techbridge boulevard, and there are no shelters for our, thank you, miss Joseph. Minorities that are catching the bus. Do you have any questions? I'll gladly answer them. >> Thank you very much, mayor. >> That's all the speakers we have members. >> That concludes the speakers for the board of directors of the Austin housing finance corporation. You have heard the consent agenda. Is there a motion to adopt the consent agenda as read motion is made by council member. I mean, board member. Fuentes seconded by board member Ellis. Let me ask if there's anyone wishing to be shown abstaining from any item on the consent agenda. Anyone wishing to be shown as recusing themselves from a vote on an item on the consent agenda. Anyone wishing to be shown voting no. Councilmember. Yes. >> Please show me as voting no on hfc number two. >> Number two. All right. Discussion with regard to the [11:08:46 AM] Discussion with regard to the items I, we pass the consent agenda. If the consent agenda passes, I will then ask for any discussion on the consent agenda. But is there anything that anybody wishes to say at this point without objection? I'm sorry, councilmember Allison alter this is not on this agenda per se, but I would just really like us to be making our remarks before we vote, to the extent that we could adopt that. Do you have remarks? >> I don't on this one, but I just for generally speaking, it feels more comfortable to make the remarks before we vote. >> That's why I ask if there was any discussion on and hearing none without objection, we have passed and adopted the consent agenda with council member. With board member Kelly being shown voting no on item number two. Councilmember Fuentes the chair board member Fuentes. The chair will recognize you if you had indicated that you wanted to be recognized. Okay. Councilmember qadri, do you want to be recognized? >> Once we go back into the council meeting. >> Okay. Fair enough. Anyone wishing to be recognized on the consent agenda for the Austin [11:09:47 AM] consent agenda for the Austin housing finance corporation. Yes councilmember Velasquez. >> Mr. Mayor, thank you. I just wanted to say how excited I am that so many of these projects are coming to district three. An area hit very hard by gentrification and displacement. So thank you all. >> Anything else? Again, let me just highlight on behalf of the entire board of directors and thank staff for this, anytime time that we are voting, as a board on $50 million worth of projects that will result in greater than a thousand units, for approximately 400, of which are permanent supportive housing , 220 of which are involving the continuum of care. And it involves six districts. That is something for us to be proud of as as a city. So thank you very much to staff and for the for the hard work on that and to the board of directors, with that, without objection, the board of directors of the Austin housing finance corporation is adjourned at 1110.