Item 2-August 2025 CDC Presentation - Final — original pdf

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City of Austin Housing Department Community Development Commission August 2025 Meeting Discussion of the Housing Development Assistance Gap Financing Program & the Housing Investment Review Committee (HIRC) Agenda HDA Gap Financing Application Process: High-Level Overview Housing Investment Review Committee Recent Example RHDA & OHDA Projects Q&A Request: Nomination of 2 HIRC Members HDA Gap Financing Application Process: High Level Overview The Austin Housing Finance Corporation (AHFC) is a public, nonprofit corporation and instrumentality of the City of Austin, with a mission to generate and implement strategic housing solutions for the benefit of low- and moderate- income residents in Austin. The Housing Development Assistance (HDA) division administers multiple programs. Including: developer incentives, fee waivers, issuance of tax- exempt bonds, and gap financing. Gap financing in affordable housing development is typically the final piece of funding needed after other sources have been assembled. Rental and ownership gap financing programs provide funding through loans to developers in exchange for affordability restrictions on the property. 4 Overview of New HDA Funding Application Process Initial Staff Application Review: Eligibility Checklist & Application Scoring Housing Department Leadership Team Meeting & Funding Recommendations to the AHFC Board Staff Application Processing, Underwriting & Analysis Interdepartmental Review Panel Housing Investment Review Committee (HIRC) Meeting AHFC Board Consideration & Funding Award Move forward to loan closing process 5 Housing Investment Review Committee (HIRC) HIRC Background The Austin City Council adopted a Resolution in 2007 which established a Housing Bond Review Committee that was retitled the Housing Investment Review Committee (HIRC) in 2018. Per the Resolution, the HIRC is to be comprised of 3 members of the public at- large and 2 Community Development Commission (CDC) Commissioners. The present-day HIRC is tasked with the biannual review of RHDA and OHDA project applications. The HIRC does not recommend applications for financing, but rather, plays an important role in the application review process, identifying areas of concern or approval associated with respective developments. 7 HIRC Member Responsibilities HIRC members are responsible for the following on a biannual basis: 1.) Review of RHDA & OHDA applications. 2.) Attendance of HIRC pre-meeting with staff (typically virtual). 3.) Attendance of HIRC meeting with applicants and staff (typically virtual). 4.) Submission of post-HIRC meeting feedback on each project to staff. HIRC Meeting Format Staff presents a slide for each project application. Developer gives a high-level summary of the project. HIRC members and staff have the opportunity to ask the developers questions about each project. After the meeting, HIRC members submit post-meeting feedback on each project to staff. 8 RHDA & OHDA Recent Project Examples 227-unit new construction on ~2 acres 4% tax credit/bonds, Jan deadline, AAHC issuer Located off Clayton Ln near Cameron Rd S of 290 CAMERON HILINE • PROJECT HIGHLIGHTS • Generation Housing Partners • • • • • • Over 50% of AHFC units are at or below 40% MFI • • • Within ¼ mile of High Frequency Transit 5,000 ft commercial space for non-profit partner 6 story building w/ 2 floors structured parking Large number of 2-bedroom units Partnership with AAHC CAIRN POINT AT MONTOPOLIS • PROJECT HIGHLIGHTS • The Vecino Group • • • Located off Montopolis N or Riverside 4% tax credits/bonds, Jan Deadline, TSAHC is issuer 150-unit new construction Senior population, LGBTQ+ supportive focus TSAHC partnership 65 Continuum of Care units • • • • • • • Within ¼ mile of High Frequency Transit Received a prior AHFC award of $6M Family Eldercare is service provider FHLB application JOHNNY LIMON VILLAGE • PROJECT HIGHLIGHTS • GNDC • • This is part of the Libertad redevelopment on AHFC contributed land (1.67 acres) Located Near Gardner Rd N of 183 • • There will be 27 home new construction in 2 phases Priority for individuals/families with generational ties to the area • Over 25% of homes at or below 60% MFI • Current request is for Phase I - site work and construction • All homes are 2+ bedrooms, above average square footage • Within ¾ transit Q&A Request: 2 HIRC Member Nominations