Item 7 - HIRC CDC presentation — original pdf

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City of Austin Housing Department Community Development Commission November 10, 2026 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 FY 25-26 Spring-Summer Round HDA Funding Awards Q&A Request: Nomination of 1 HIRC Member & 1-2 Alternates 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 FY 25-26 Spring-Summer HDA Funding Round Awards Type RHDA RHDA RHDA RHDA RHDA RHDA Name Jordan II Rowen Vale The Lenora The Maven Austin Art Village Spring Terrace *One application is pending recommendation. Amount $7,920,000 $4,320,000 $2,640,000 $5,200,000 $1,013,750 $5,200,000 Total: $26,293,750* AUSTIN ARTS VILLAGE PROJECT HIGHLIGHTS • Blackland Community Development Corporation & Attainable Housing Development • 9-unit new construction in Historic Blackland neighborhood off of East 22nd St • All 30% MFI units • Non-Profit developer and certified Community Housing Development Organization (CHDO) • Own the property • • 99-year affordability period St. David's Foundation and AHFC CHDO operating grants ROWEN VALE PROJECT HIGHLIGHTS • O-SDA • 64-unit new construction located off of Annie St in the Travis Heights neighborhood • 36 Program Units with 7 30% MFI • 9% LIHTC development that has received an award of tax credits in last July • Central location in a designated high opportunity area • Max subsidy-per-unit • 45-year affordability period SPRING TERRACE Foundation Communities PROJECT HIGHLIGHTS • • • Previous $2M AHFC award Rehabilitation of 141-unit SRO/PSH property (at risk), AHFC-owned and FC-operated, near 7100 IH35 in the St Johns neighborhood • Non-tax credit development • Federal Home Loan Bank loans • • Low subsidy-per-unit Perennial affordability given AHFC ownership Q&A Request: 1 HIRC Member Nomination & 1-2 Alternates