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Austin Housing Finance Corporation approves two FY25 loans for multifamily projects
Summary
At its April 10 meeting the Austin Housing Finance Corporation adopted the consent agenda, authorizing loans of $5,754,000 to Amtex Manor Fund LP for Manor Apartments and up to $5,600,000 to Bailey at Stassney LP, funded from the AHFC fiscal year 2025 capital budget.
The Austin Housing Finance Corporation board adopted its consent agenda on April 10, authorizing two loans from the AHFC fiscal year 2025 capital budget for proposed multifamily developments.
The board approved a $5,754,000 loan to Amtex Manor Fund LP for the development of Manor Apartments, listed at 6721 Manor Road near the intersection of Manor Road and Ed Bluestein Boulevard. The board also authorized a loan not to exceed $5,600,000 to Bailey at Stassney LP for a multifamily rental development near 40404 West Stassney Lane. Both items were on the board’s three-item agenda and were funded from AHFC’s fiscal year 2025 capital budget.
Jamie May, housing and community development officer for the Housing Department, described the agency’s application process for the Rental Housing Development Assistance program and the conditions under which AHFC extends loans to developers. “We have an application process wherein developers provide all the information such as, unit count, income mix, development costs, and other sources,” May said. “We do ask that developers provide all of the other sources so that we are truly providing a gap to the financing of the property.”
May added a program eligibility detail that factored into the board’s review: “As long as these properties meet our expectations, we can fund 50% median family income units at the property; if there are no 50% median family income units we cannot fund the property.” She also noted single-family properties are usually handled through the ownership housing development assistance program, which allows units up to 80% median family income.
Board member Harper Madison moved to adopt the consent agenda as read; Board member Ellis seconded the motion. The board clerk reported two speakers had signed up—Bailey Maoshi and Zenobia Joseph—but the clerk and presiding officer indicated the speakers were not present when called. With no objections, the consent agenda and its loan authorizations were adopted; the clerk noted the action was taken “without objection.” The board also approved minutes from the Jan. 30 and Feb. 13 AHFC board meetings as part of the consent agenda.
There was no further discussion or recorded roll-call tally for individual votes in the transcript; the meeting was adjourned at 10:44 a.m.
Why it matters: The AHFC loans are intended to fill financing gaps in affordable-rental developments by pairing AHFC capital with other funding sources. May’s comments indicate the loans are contingent on projects meeting income-mix and other program requirements, including the presence of 50% median family income units for rental eligibility and competitive leverage for single-family projects.
The board did not provide implementation timelines or additional project-specific conditions during the meeting; those details were not specified in the transcript.
