Austin Housing Finance Corporation (AHFC) Meeting Transcript - 4/10/2025 Title: ATXN-1 (24hr) Channel: 1 - ATXN-1 Recorded On: 4/10/2025 6:00:00AM Original Air Date: 4/10/2025 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. [10:38:39 AM] And I will call to order board of directors meeting of the Austin housing finance corporation at 10:39 A.M. We are meeting at city hall in the council chambers at 301 west second street, and we have all of the members of the board of directors of the of rh. I will now recognize staff for a presentation with regard to our agenda.% >> Good morning, M president. Madam vice president, board of directors, my name is Jamie may. I'm the housing and community development officer for the housing department. Today, I'm here to present your agenda for the April 10th meeting of the Austin housing finance corporation board of directors. This agenda has three items. First is the approval of the minutes from the January 30th and the. >> February 13th. Folks, folks, if you're talking, please stop and go outside. Thank you. [10:39:41 AM] and go outside. Thank you. Please continue. >> The first item is the approval of the minutes from the January 30th and the February 13th R.F.C. Board meetings. The second item is the authorization and negotiation of a loan to amtex manor fund lp for the development of manor apartments located at 6721 manor road, which is near the intersection of manor and Edelstein. This would be funded from the afc's fiscal year 2025 capital budget, 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 multifamily rental development located at or near 400 and 404 west stassney Laine. The funding is available in our afc's fiscal year 2025 capital budget, and I would be happy to answer any questions. [10:40:42 AM] questions. >> Members. Councilmember. Board member harper-madison. >> Thank you. Thank you, Mr. Mayor. Can you tell me under what circumstances we extend a loan to that kind of organization, the multifamily organization? >> I'm sorry, I'm not sure if I understand the question, extend the loan offer or provide a loan to correct to a developer, correct? Yes. Through our rental housing development assistance program, we have an application process wherein developers provide all information, such as unit count in income mix, 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. As long as these 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. But assuming that we have funds available and they meet all the requirements of the program and the requirements of the funding [10:41:44 AM] the requirements of the funding source, then we can extend that loan. >> Excellent. And the last question, how does a developer find out about a program like this. Typically. >> Typically we work with our development community. We work directly with the Austin housing coalition. We've also worked with the Texas association of affordable housing producer tap, I believe is what it's called, as well as texasssociation of local housing finance agencies to let everyone know that we have this program. And if a developer is coming in from out of town or out of state, they can reach out to us and we can talk them through some of our different programs. >> Fantastic, I lied, I said, Leslie Leslie Leslie single family. Is it only applicable for multifamily or if a single family is at least 50% affordable? So let's say the owner of the home accepts the housing choice voucher 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, then we are looking for a deep leverage of our funds. Single family units are generally more expensive than [10:42:47 AM] generally more expensive than multifamily because of the cost of land. That's why most of our single family units go through our ownership housing development assistance program. It it it allows for a higher median family income. So up to 80%. So we're a little bit more comfortable knowing that those units will be sold and move off of the market. >> Understood. Thank you I appreciate it. >> Thank you. >> Thank you. Any other questions of staff, any of the board members? In that case, I will entertain a motion to adopt the consent agenda as read made by board member harper-madison. Is there a second board member? Ellis seconds the motion. I'll now look at the city clerk and ask to help us with speakers. >> Sure. For hfc item number one, Bailey Miyoshi. And for hfc item number three, Zenobia Joseph. >> Are they both remote? >> No one of them was in person. >> And could you say the names [10:43:49 AM] >> And could you say the names again? >> Sure. Bailey. Sorry. Miyoshi, Bailey and Zenobia. Joseph. >> Are you of those people here? Okay, I don't see them. That concludes. >> 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. 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. Thank you very much, sir. There being no further business to come before the board of directors of the Austin housing finance corporation at this regular scheduled meeting. Without objection, we will adjourn at 1044. We are now adjourned.