Austin housing finance board approves $5.5 million ROTA loan for Foundation Communities

The Austin Housing Finance Corporation board authorized a $5,500,000 loan to Foundation Communities for the FC Bloom Housing project on March 12, 2026, approving staff to negotiate and execute the loan through the city's ROTA program.

Mandy DeMaio, Austin Housing Finance Corporation staff, presented the two-item agenda and described the loan, saying, "This is through the ROTA program." She told the board the loan reauthorization reflects application changes, an increase in the number of units and temporary adjustments to maximum income limits (MFIs) to accommodate residents who will be relocated while the property is redeveloped. DeMaio said the affordability period was extended "from 40 to 41 years." She also noted the loan itself was unchanged from a prior approval last May.

Councilmember Alter asked, "The loan, is it through the ROTA program or is this outside of ROTA?" DeMaio confirmed it is part of the ROTA program and clarified the MFIs and the temporary relocation accommodation. No other substantive changes to the loan amount were described in the meeting record.

DeMaio offered both items on the consent agenda. The board recorded a motion by Councilmember Velasquez, seconded by Councilmember Lane, to adopt the consent agenda. With no members asking to abstain, recuse or be shown voting no, the presiding official announced, "Without objection, the consent agenda for the Austin Housing Finance Corporation for today is adopted." The consent action included authorization for the loan and approval of the meeting minutes from November 06, 2025.

A single public speaker, Zenobia Joseph, was listed for the AHFC item but did not appear when called. The board adjourned the AHFC meeting at the close of the session.

The AHFC took no separate roll-call vote on the loan in the transcript; the action was adopted as part of the consent agenda without recorded individual tallies.