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AHFC approves $25M in private-activity bonds for Sycamores at Pleasant Valley; boosts eviction-defense contract
Summary
On Sept. 11, 2025, the Austin Housing Finance Corporation board approved issuance of $25,000,000 in private-activity bonds for the Sycamores at Pleasant Valley multifamily project and amended a contract with Texas Rio Grande Legal Aid Inc. to increase eviction-defense funding to a total not to exceed $725,000.
On Sept. 11, 2025, the Austin Housing Finance Corporation board approved the issuance of $25,000,000 in private-activity bonds for the Sycamores at Pleasant Valley multifamily development and approved an amendment to the corporation's contract with Texas Rio Grande Legal Aid Inc. to increase funding for eviction representation and outreach services by $230,000, bringing the contract total to a maximum of $725,000. Both items were adopted on the consent agenda; Council Member Vela was shown recusing himself from the vote on the contract amendment.
Jamie May, housing and community development officer for the Austin Housing Finance Corporation, presented the two consent items. May described the first item as private-activity bonds for the development of "Sycamores at Pleasant Valley" in the amount of $25,000,000, dedicated to 5900 Pleasant Valley LP, and said the bonds would support construction of a multifamily development. May also said the board would approve related documents substantially in the form attached to the resolution and would authorize named representatives of the Austin Housing Finance Corporation to execute the documents relating to issuance of the bonds and closing the transaction.
The board's vice president characterized the approvals as "another milestone moment for District 2 and the city's effort to bring affordable housing into Dove Springs," and noted the action follows City Council steps earlier that day on an anti-displacement community navigator program covering Dove Springs.
A public speaker, Zenobia Joseph, urged the board to delay the bond item and other material pending what she described as deficient notice procedures. Joseph cited "Government Code chapter 551.141, which is the voidability provision," and told the board she had submitted a demand letter arguing the public notice did not identify the Austin Housing Finance Corporation in the online kiosk and that staff presentations and backup material were not properly posted. Joseph also criticized the city's past rezoning decisions and said she opposed the contract amendment with Texas Rio Grande Legal Aid, urging the board to consider alternative models for keeping people housed and citing racial disparities in homelessness.
Procedurally, the vice president moved to approve the consent agenda and Board Member Ellis seconded the motion. The chair announced the consent agenda was approved "without further discussion and without objection," and recorded that Council Member Vela recused himself from the vote on item number 2 (the Texas Rio Grande Legal Aid contract amendment). No roll-call vote tally was provided in the record other than the stated recusal.
Documents attached to the resolution, and authorization for specific Austin Housing Finance Corporation representatives to execute closing documents, were part of the bond-item approval; the board's action authorized staff to complete the transaction consistent with the approved forms. The amendment to the Texas Rio Grande Legal Aid contract increases the not-to-exceed amount by $230,000 for eviction representation and outreach services, to a new total not to exceed $725,000.
The board adjourned the Austin Housing Finance Corporation meeting at 11:31 a.m. on Sept. 11, 2025.
