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Austin Housing Public Facility Corporation approves inducement resolution authorizing private activity bonds for Manifold Development at 304 East Third Street
Summary
The Austin Housing Public Facility Corporation board unanimously adopted an inducement resolution on Feb. 13, 2025, authorizing allocation of private activity bonds to Manifold Development for Block 32 at 304 East Third Street; staff said the bonds will be repaid by the developer and carry no fiscal impact for the corporation.
The Austin Housing Public Facility Corporation board of directors approved an inducement resolution authorizing the allocation of private activity bonds to Manifold Development to finance Block 32 at 304 East Third Street during a brief meeting at 10:52 a.m. on Feb. 13, 2025, in City Council Chambers.
City housing staff said the financing carries no fiscal impact for the corporation or the city because the private activity bonds would be repaid by the developer. Jamie May, housing and community development officer for the housing department, presented the AHPFC agenda and the single item before the board and said staff was available to answer questions. "I'm happy to answer any questions," May said.
The item was moved by board member Velasquez and seconded by board member Kadri. The city clerk reported there were no speakers signed up for the AHPFC item. The motion was adopted "without objection," and the board adjourned at 10:53 a.m.
The resolution is an inducement action to allow the allocation of private activity bonds for the Manifold Development project identified as Block 32; no ordinance or bond amount was specified in the meeting record. The board took no additional directions to staff during the discussion, and there were no public comments on the item.
The AHPFC's approval clears a step toward using tax-exempt private activity bonds for the project; details about bond amounts, underwriting, or subsequent approvals were not specified in the meeting transcript.
