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Community Development Commission appoints two commissioners to Housing Investment Review Committee after overview of GAP financing process
Summary
Austin Housing staff briefed the Community Development Commission on the GAP financing application and the Housing Investment Review Committee (HIRC). Chair Elias nominated Commissioners Menard and Medrano to serve on the HIRC; both accepted and were appointed without a formal vote.
Chair Elias appointed two Community Development Commission members to the Housing Investment Review Committee after Austin Housing staff reviewed the Housing Development Assistance GAP financing application process and HIRC responsibilities.
The HIRC, which per staff was created by a City Council resolution in 2007 and retitled in 2018, is an advisory body that includes three public members and two CDC commissioners. Chris Duran and Ellis Morgan, financial analysts in the Housing Department, told the commission the GAP program is administered by staff on behalf of the Austin Housing Finance Corporation (AHFC) and typically fills the “final piece” of a project’s capital stack with loans in exchange for long-term affordability restrictions.
Why it matters: HIRC members provide a biannual review of rental and…
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