Austin Housing Finance Corporation (AHFC) Transcript – 7/24/2025 Title: ATXN-1 (24hr) Channel: 1 - ATXN-1 Recorded On: 7/24/2025 6:00:00 AM Original Air Date: 7/24/2025 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. [1:01:56 PM] I now call to order the board of directors meeting of the Austin housing finance corporation for July 24th, 2025 at 1:02 P.M. We have a quorum of the board of directors present. We are meeting at city hall in the city council chambers at 301 west second street in Austin, Texas. And I will ask miss Demayo to give us a presentation. >> Thank you. Mandy Demayo Austin housing finance [1:02:57 PM] Austin housing finance corporation, you have four items on today's agenda. I'll go over them briefly and then offer them on consent. The first is authorizing staff to move forward with the formation of a nonprofit corporation, a sunset ridge nonprofit corporation, and to authorize all of the associated legal documents, including the. Including the ground lease and allowing us to be the general contractor for this 440 approximate 444 unit property in d8. I will remind you that hfc, authorized in February of 2024, authorized an $8.85 million loan through the rental housing development assistance program. The item number two is authorizing the creation of a general contractor nonprofit corporation. Item number three is approving a resolution to authorize afc's ownership in the sunset ridge [1:04:00 PM] ownership in the sunset ridge development, which again is a 404 approximate 444 unit development and d8 on southwest parkway. I will note that this was originally on your June 5th hfc agenda. It was postponed in order to ensure that we complied 100% with newly passed state legislation. Hb 21, which you'll find in the backup for this item. You will find the required documentation in order to comply with hb 21. Item number four is authorizing us to proceed with a new policy for the creation of nonprofit corporations, whereby the nonprofit board of directors will not be named by name, rather named by title. So those are the four items. I'm happy to answer any questions, and I offer all four of those on consent. >> Thank you, board members. You have it. Yes. Member alter. >> Just one question. The item that you were having to make compliant with hb 21 was that [1:05:01 PM] compliant with hb 21 was that around the bedroom mix. >> So hb 21 is new legislation that governs housing finance corporations. And it did a couple of things. One was it outlawed the use of traveling housing finance corporations. So out of jurisdiction housing finance corporations. The other thing is that it required that prior to approval of hfcs entering into development, general partnership developments that we present to the public and demonstrate the public benefit that is demonstrated by this development and in this case, the requirement, the legislative requirement is that at least 50% of the benefit, the tax abatement, at least 50% of that goes toward rental reductions. So the affordable rent will achieve at least 50% of the tax abatement that is [1:06:02 PM] of the tax abatement that is being sought in this case. And you'll see in the backup that our development, the proposed development is estimated by the third party that the proposed development will achieve much more than that. 72% of the rent reduction will go toward rent relief for our low income tenants. >> Okay. Thank you. >> Any other questions, members? I'll turn to the city clerk for speakers on the consent agenda. >> For item one. Zenobia. Joseph. >> Thank you. Mayor. Council. There's actually a slide. Number three is. So the third slide actually [1:07:10 PM] So the third slide actually shows you the formation. And that was just my opposition. Once again, these all item go together one, three and four. But I'll just preface by saying this is the area that you're talking about. And while Mandy Demayo just mentioned the reduction for low income individuals, this is for people who earn $100,000 out of touch with reality. Your own data from 2020, when you actually surveyed the minority chamber, specified that African Americans earn approximately $42,000, hispanics earn approximately $50,000. You may have updated your data since then, but there's certainly not making $100,000 for 120% area median income. So it is certainly disingenuous and I have asked her to resign before. I want you to look at the area specifically on the right here, and you will see this is the southwest Austin area that I [1:08:10 PM] southwest Austin area that I continue to talk about in Paige Ellis district, where the bus runs empty for 2.9 boardings an hour. If you'll just go to the third slide, I'll just show that I actually, it's the formation that I'm in opposition to because once again, I realize this is actually a financing mechanism, but it lacks transparency. There's nothing posted online, so the public has no way of knowing exactly what tools are being used and how this is beneficial to us. I would ask that you actually adopt some type of process or policy to ensure that these nonprofits that you continue to create actually have to post something online so that we know when they meet and what they're doing. If you have any questions, I'll gladly answer them at this time. >> Thank you, miss Joseph. >> You're welcome. >> She's also signed up on items three and four. Is that correct? >> Correct. Mayor. >> You are welcome to speak on those items if you would also like. >> Sure. If the clerk will just go to the second slide. I've said many times today. And thank [1:09:11 PM] said many times today. And thank you, mayor directors, I'm Zenobia Joseph. Once again, I just wanted you to see the stark contrast. In the inset. You will see adobe middle school. This is not what you're going to see in southwest Austin. I want you to see this is airport boulevard. This is what you may see there. I want you to recognize as well as it relates specifically to southwest Austin, the housing authority of the city of Austin also has property in this area for 80% area median income. Once again, that is above the threshold. So it would be helpful for Mandy Demayo to clarify for the public when it says 80% or 120% area median income. If a person has to actually earn that amount, or if it's up to that amount, because as it stands, the 30% area median income, individuals who are chronically homeless, those properties in southwest Austin do not currently house those individuals. This property [1:10:13 PM] individuals. This property specifically in comparison, all on the rail line. Mayor, I will just remind you here at highland village, which was a property from the housing authority of the city of Austin, it's 80% area median income. On December 17th, 2020. My Gerber, who is the secretary for the board, Austin pathways nonprofit. He actually said the reason that there's not lower income is because the interest in the area didn't want to serve lower income people. So if you go back to the first slide, once again, you will see the bus runs empty for 2.9 boardings an hour to convict hill black people wait 60 minutes for the bus, ten times longer than southwest central Austin. And this is an example of what I'm talking about. The subsidy is over $20 for the white people. It's $2.50 to ride the bus round trip. But yet Paige Ellis remains silent and engaged in viewpoint discrimination. >> You're entitled to speak on item number four. >> So number four specifically, [1:11:15 PM] >> So number four specifically, mayor. And thank you, directors, is to remove the names of the people who are on these boards and replace it with the titles. Earlier, you had council member qadri mentioned transparency when you started the audit and finance committee hearing. Mayor, you mentioned transparency. I find this to be opaque. Unless I'm missing something, I'm not sure why the names would be removed. You have names for boards and commissions that are transparent, and this is a nonprofit. They're already not having the meetings. They don't have any members. So it seems to be a bad precedent as it relates to simply having them remove their names. I don't know how the public would even know who's on the board and what it is that they're doing. Oftentimes people do change positions internally, and the public would have no way of knowing that. I would ask you in the backup, however, if there is [1:12:16 PM] the backup, however, if there is something transparently posted online that you actually include that it is disturbing. This is a bad precedent. And so that is my opposition. The items all pretty much run together. But when I tell you that African American Africans are the ones that are disservice, and our brothers and sisters who are at community first village waiting two hours in their wheelchairs, it is because the investment continues to go in the areas where white choice riders live. And this is a clear example of white privilege. So I will close with my comments in the context of title six of the civil rights act of 1964, which prohibits discrimination based on race, color, or national origin. And just remember, mayor, this does not affirmatively further fair housing. So it is in violation of the fair housing act of 1968 as well, because you continue to concentrate poverty as opposed to complying with your smart policy, which is mixed income. If you have any questions, I'll gladly answer them at this time. >> Thank you, miss Joseph. >> Thank you mayor. >> That concludes all speakers members. [1:13:17 PM] >> That concludes all the speakers that have signed up to speak on the consent agenda for the Austin housing finance corporation board of directors meeting. I'll entertain a motion with regard to the consent agenda. Council board member Ellis moves approval. It is seconded by mayor pro tem members. Is there anyone wishing to abstain from any item on the consent agenda for the Austin housing finance corporation board of directors? Anyone wishing to be shown recusing themselves from a vote on the board? Is there anyone wishing to be shown voting no on any of the items? Any discussion? Hearing none. Without objection, the board board agenda is adopted as a consent agenda. Members. That concludes all of the business of the Austin housing finance corporation for this meeting on July 24th, 2025. Without objection, we are adjourned at 1:14 P.M. Thank you.