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Austin advances $30 million from voter-approved housing bond to fund current projects
Summary
The City Council and the Austin Housing Finance Corporation (AHFC) board approved advancing $30 million from the $350 million housing bond approved by voters in November 2022 to finance rental housing development projects this fiscal year.
City staff and the Austin Housing Finance Corporation told the council they will advance $30 million from the voter-approved $350 million housing bond to support current rental housing development projects (Item 17). The council included the AHFC actions on the consent agenda and the AHFC board adopted matching changes to its capital budget and service agreement.
Jamie May, housing and community development officer, briefed the AHFC board that the $350 million GO bond was approved by voters in November 2022 and appropriated by the previous council in April 2023 as a five-year spend plan. Mandy DeMaio, interim director of the Housing Department, told council members staff proposes taking $30 million from year five of that spend plan and bringing it forward to year three to accommodate competitive applications for rental housing that would otherwise exhaust the year’s rental development funds.
DeMaio said the adjustment is intended to ensure funding is available for projects expected to apply this fiscal year. She said staff anticipates a four-year spend plan going forward and that future bond packaging for November 2026 will address ongoing funding needs.
On the AHFC side, Housing staff presented two consent items mirroring the council action: an amendment to the capital budget to accept the $30 million and an amendment to the service agreement to allow AHFC to spend the funds. Both AHFC items were offered on consent and the AHFC board adopted them without objection.
Council members asked clarifying questions about the origin of the $350 million bond, the timing of the spend plan, and remaining balances in different bond programs. DeMaio said rental housing development funding had been exhausted for the year and that modest amounts remain in ownership housing development and land acquisition pools.
What happens next: Staff will use the advanced $30 million to fund competitive rental housing applications in this fiscal year, continue quarterly application rounds, and return to council and the bond advisory processes ahead of any future bond proposals.
