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Austin Housing Finance Corporation approves formation of 501(c)(3) nonprofit to pursue tax-credit funding
Summary
The Austin Housing Finance Corporation board approved a consent item authorizing staff to form an AHFC-affiliated 501(c)(3) umbrella nonprofit and related single-asset subsidiaries to pursue a tax-credit set-aside and provide organizational flexibility; one public speaker opposed the move, citing concerns about transparency.
The Austin Housing Finance Corporation board of directors voted without objection Thursday to authorize staff to form an AHFC-affiliated 501(c)(3) nonprofit corporation and related subsidiary 501(c)(3) entities, the board said at a brief meeting in City Council chambers at Austin City Hall.
The item, offered on the consent agenda, directs staff to create the nonprofit’s bylaws, appoint its board of directors and form affiliate single-asset 501(c)(3) organizations under the umbrella entity. Shay Ackley, deputy general counsel, told the board the primary…
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