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Bond Oversight Commission – Feb. 19, 2025

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C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Bond Oversight Commission Our Vision Ensure efficiency, equity, timeliness, and accountability in the implementation of existing and future City bond programs. Our Goals The mayor and council shall work with the commission to set priorities and goals for each new bond issue to be submitted to the voters. The commission shall advise the council on proposed bonds and the implementation of projects approved in bond elections. Our Mission The commission shall monitor the city manager's plans relating to the issuance of bonds and the implementation of projects approved in bond elections, including the review of future potential bonds, the annual appropriation of bond funds, and any changes in the amount of bond funds issues or cash commitments made. C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Bond Oversight Commission 2018 BOND Proposition A – Affordable Housing P r e s e n t e r : N a m e J a m e y M a y T i t l e H o u s i n g a n d C o m m u n i t y D e v e l o p m e n t O f f i c e r C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 4 2018 BOND, PROPOSITION A Affordable Housing The issuance of $250,000,000 in tax supported general obligation bonds and notes for planning, constructing, renovating, improving, and equipping affordable housing Bond Oversight Commission facilities for low income and moderate income persons and families, and acquiring land and interests in land and property necessary to do so, funding loans and grants for affordable housing, and funding affordable housing programs, as may be permitted by law; and the levy of a tax sufficient to pay for the bonds and notes. • • Ballot language: • Time Line (as defined in Contract with the Voters): within 8 years Contract with the Voters: http://www.austintexas.gov/edims/document.cfm?id=304077 http://www.austintexas.gov/election/byrecord.cfm?eid=205 http://www.austintexas.gov/election/byrecord.cfm?eid=205 http://www.austintexas.gov/election/byrecord.cfm?eid=205 http://www.austintexas.gov/edims/document.cfm?id=304077 http://www.austintexas.gov/edims/document.cfm?id=304077 C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 6 Bond Oversight Commission Encumbered $1,482,840.84 BOND BALANCES Voter-Approved Appropriated Spent Committed Available Issued To Date 2018-GO Bonds Affordable Housing $250,000,000 $250,000,000 $248,517,109.16 $249,016,098.90 $983,901.10 $- C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Land Acquisition • 3 Hotels for Permanent Supportive Housing • 52.5 Acres Acquired • 2 Partnerships Preserved • 9 Multi-family properties the CLT • Hyde Park Portfolio • $95M Expended • $5M – South Congress (El Gallo) • $100,000 Available Balance Bond Oversight Commission • 20 Single-family homes added to preserved C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Rental Housing Development Assistance • 2018 GO Bonds supported 28 Developments • Generated 1300+ PSH Units – Half • 791 Units <30% MFI • 3000+ Units <50% MFI • $94M Allocated by AHFC Board • $90M Expended to date • $3.3M Encumbered • $162,680.09 Available Balance dedicated to the COC Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Ownership Housing Development Assistance • 2018 GO Bonds supported 16 Developments • Generated 550+ Units <80% MFI • 80 Units <60% MFI • $28M Allocated by AHFC Board • $26M Expended to date • $1.5M Encumbered • $370,406.49 Available Balance Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 1 1 Home Repair • $20,000 Maximum Grant to Eligible Household Bond Oversight Commission • Average Grant = $15,000 • $28M Allocated • $27,987,155 Encumbered • $12,845 Available Balance C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 1 2 2018 BOND, PROPOSITION A Affordable Housing The issuance of $250,000,000 in tax supported general obligation bonds and notes for planning, constructing, renovating, improving, and equipping affordable housing Bond Oversight Commission facilities for low income and moderate income persons and families, and acquiring land and interests in land and property necessary to do so, funding loans and grants for affordable housing, and funding affordable housing programs, as may be permitted by law; and the levy of a tax sufficient to pay for the bonds and notes. • • Ballot language: • Time Line (as defined in Contract with the Voters): within 8 years Contract with the Voters: http://www.austintexas.gov/edims/document.cfm?id=304077 http://www.austintexas.gov/election/byrecord.cfm?eid=205 http://www.austintexas.gov/election/byrecord.cfm?eid=205 http://www.austintexas.gov/election/byrecord.cfm?eid=205 http://www.austintexas.gov/edims/document.cfm?id=304077 http://www.austintexas.gov/edims/document.cfm?id=304077 C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 1 3 Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 1 5 Bond Oversight Commission $154,948,985.03 Encumbered BOND BALANCES Voter-Approved Appropriated Spent Committed Available 2022-GO Bonds Affordable Housing $350,000,000 $195,000,000 $114,897,790.06 40,051,104.97 $115,000,000 Issued To Date $- C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission LAND ACQUISITION • Opportunity-based Decisions • Acquisition of land and/or • existing properties Land Developed through Solicitation Process • land prices vs. borrowing costs • Partnerships with Texas Housing Conservancy • >10 properties to be developed through solicitation • >10 acquisitions for preservation • $41M Available Balance • $60M Unallocated (through FY27) Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission RENTAL HOUSING DEVELOPMENT ASSISTANCE • Program Review by Guidehouse • • Increased Development Costs Limited Increase in Complimentary Funding Sources • Bring FY27 allocation forward • $0 Available Balance • $60M Unallocated (Through FY27) • Implementing recommendations now Issue new NOFA next year Bond Oversight Commission • C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission OWNERSHIP HOUSING DEVELOPMENT ASSISTANCE • Quarterly Review Cycle • Limited Funding available other than AHFC • Smaller Developers – CDCs, CHDOs Longer Development Timeline for Single-Family Developments than for Multi-family Developments • $424,963.57 Available Balance • $20M Unallocated • Habitat for Humanity and Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission HOME REPAIR PROGRAMS • Contracts with Non-Profit Organizations increase productivity • Nearly done spending 2018 GO Bonds • GO Repair program to award $5M annually for next three years. Funding Sources • Multiple Programs with Various Bond Oversight Commission • Exploring recommendations to C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 B o n d O v e r s i g h t C o m m i s s i o n | p g . 2 1 NEXT STEPS • Budget Amendment and Service Agreement Amendment • Prioritization of AHFC Holdings • Guidehouse Recommendations Implementation • Solicitation for partnership development - Summer 2025 • NOFA for 4% LIHTC awards – November 2025 • IDIQ for new GO Repair Contracts Bond Oversight Commission C I T Y O F A U S T I N | F e b r u a r y 1 9 , 2 0 2 5 Bond Oversight Commission Q U E S T I O N S Bond Oversight Commission Presenter: N a m e J a m e y M a y D e p t & T i t l e H o u s i n g a n d P l a n n i n g D e p a r t m e n t H o u s i n g a n d C o m m u n i t y D e v e l o p m e n t O f f i c e r