Austin Housing Finance Corporation approves loans for Manor Apartments and Stasney Lane development

In the heart of Austin, city officials gathered at City Hall on April 10, 2025, to address pressing housing finance matters that could shape the community's future. The Austin Housing Finance Corporation (AHFC) Board of Directors convened promptly at 10:39 AM, with all members present, ready to tackle an agenda that promised to impact local housing development.

Jamie May, the Housing and Community Development Officer, presented three key items for discussion. The first item involved the approval of minutes from previous meetings, a routine yet essential step in maintaining transparency and accountability. However, the real focus of the meeting lay in the proposed financial support for two significant multifamily housing projects.

The board considered a loan authorization of $5,754,000 to Amtex Manor Fund LP for the development of Manor Apartments, located at 6721 Manor Road. This project aims to enhance affordable housing options in a rapidly growing area of the city. The second proposal involved a loan not exceeding $5,600,000 to Bailey at Stasney LP for a multifamily rental development at 40404 West Stasney Lane. Both projects are funded through the AHFC's fiscal year 2025 capital budget, reflecting the city's commitment to addressing housing needs.

During the meeting, board member Harper Madison raised important questions about the criteria for extending loans to developers. May explained that the AHFC employs a rigorous application process, ensuring that projects meet specific requirements, including a mix of income levels among residents. This approach aims to create a balanced community where affordable housing is accessible to those in need.

The discussion also touched on outreach efforts to inform developers about available programs. May highlighted collaborations with local housing coalitions and associations, emphasizing the importance of communication in fostering development that aligns with the city's goals.

As the meeting progressed, the board moved to adopt the consent agenda without objection, signaling a unified commitment to advancing these housing initiatives. With no further business to discuss, the meeting adjourned at 10:44 AM, leaving behind a sense of purpose and determination to tackle Austin's housing challenges head-on.

The decisions made during this meeting reflect a broader strategy to enhance affordable housing in Austin, a city grappling with rapid growth and rising living costs. As the community looks ahead, the outcomes of these projects will be closely watched, serving as a barometer for the city's ongoing efforts to create a more inclusive and accessible housing landscape.