[00:00:01]
AND HERE ON MAY SIX, 2021[Consent]
LET'S CAN RECONVENE, UH, THE AUSTIN HOUSING FINANCE CORPORATION MEETING THREE 43, UH, TO TAKE CARE OF THE AGENDA YOU WANT TO PRESENT THE CONSENT AGENDA FOR AUSTIN HEALTH? ABSOLUTELY MANTI DE MAYO AUSTIN HOUSING FINANCE CORPORATION.WE HAVE FOUR ITEMS ON TODAY'S AGENDA.
FIRST IS APPROVING THE MEETING MINUTES FROM APRIL 22ND.
THE SECOND IS APPROVING AN INDUCEMENT RESOLUTION FOR UP TO $40 MILLION IN PRIVATE ACTIVITY BONDS FOR THE BRIEF FACILITATION OF AN EXISTING AFFORDABLE APARTMENT COMPLEX WOODWAY SQUARE.
IT'S GOING TO ENABLE US TO EXTEND THE AFFORDABILITY AND INVEST IN THAT AFFORDABLE APARTMENT COMPLEX.
THE THIRD AND FOURTH ARE RELATED TO, UM, THE $1.1 MILLION THAT WE HAVE RECEIVED FROM AUSTIN WATER UTILITY, AS WELL AS A DONATION FROM BANK OF AMERICA TO ADMINISTER OUR EMERGENCY HOMEWORK, THEIR PROGRAM, UM, IN RESPONSE TO A WINTER STORM YURI, I OFFER A HOARD THESE ON CONSENT.
I'M HAPPY TO ANSWER ANY QUESTIONS.
I HAVE A QUESTION ON ITEM NUMBER TWO, AND IT'S MY UNDERSTANDING THAT THE APPLICANT'S PROPOSAL INCLUDES PLANS TO SUBSTANTIALLY RENOVATE, UM, THIS 20 YEAR OLD PROPERTY.
AND SO, UM, I THINK I KNOW THIS IS THE FIRST STEP IN A LONG PROCESS TO SECURE FINANCING FOR THIS PROJECT.
AND I PLAN TO SUPPORT IT TODAY, BUT ALONG THE WAY I WANTED, I WOULD LIKE TO SEE EVEN DEEPER LEVELS OF AFFORDABILITY AT THIS SITE.
AND SO MANDY, IF YOU COULD SPEAK TO ANY, UM, IF YOU COULD SPEAK TO THAT AND IF THERE ARE ANY CONVERSATIONS GOING ON ABOUT, UM, DEEPER AFFORDABILITY WITH THE UNITS.
UM, THE APARTMENT COMPLEX IS 20 YEARS OLD AND CURRENTLY SERVES FOLKS AT PER BELOW 60% MEDIAN FAMILY INCOME.
WE HAVE INITIATED CONVERSATIONS AND HAD SEVERAL REALLY GOOD CONVERSATIONS WITH THE DEVELOPER OWNER.
DOMINIUM ABOUT INCREASING AFFORDABILITY ON THE SITE.
SO, UH, CREATING SOME 30% AND 50% OR BELOW UNITS, UM, WE FEEL LIKE THOSE CONVERSATIONS ARE POSITIVE THAT WILL REQUIRE SOME ADDITIONAL SUBSIDY FROM THE CITY.
AGAIN, THE 40 MILLION THAT YOU ARE CONSIDERING IS NOT SUBSIDY IS PRIVATE ACTIVITY BONDS THAT WOULD BE ISSUED BY AUSTIN HOUSING FINANCE CORPORATION.
UH, SO OUR CONVERSATIONS WITH THE DEVELOPER OR ABOUT LAYERING, SOME ADDITIONAL SUBSIDY OR A RENTAL HOUSING DEVELOPMENT ASSISTANCE PROGRAM TO BETTER SERVE, UH, LOWER INCOME HOUSEHOLDS AND THOSE CONVERSATIONS WILL CONTINUE.
AS YOU MENTIONED, THIS IS THE FIRST STEP IN A PRETTY INVOLVED PROCESS FOR SECURING ALL THE FINANCING FOR THE REHABILITATION.
IS THERE A MOTION TO APPROVE THE CONSENT AGENDA AS A RECTORY? IT MAKES THE MOTION THAT MY PROTOTYPE SECONDS DISCUSSION DOES A FAVOR.
I'M SEEING IT AS BIG AS ADAM IS ON THE DYESS WITHOUT THAT CONCLUDES OUR BUSINESS.
SO WE CAN ADJOURN THE AUSTIN HOUSING FINANCE CORPORATION MEETING.