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Austin Housing Finance Corporation advances Sycamores at Pleasant Valley development, authorizes rental-assistance contract
Summary
The AHFC board adopted a consent agenda on Aug. 28, 2025, advancing ownership of land for the 75‑unit Sycamores at Pleasant Valley affordable-housing project, opening and closing a public hearing on $25 million in multifamily revenue bonds with no public speakers, and authorizing a ~$1.4 million/year tenant-based rental-assistance contract using federal HOME funds.
The Austin Housing Finance Corporation board adopted a consent agenda on Aug. 28, 2025, advancing plans for the Sycamores at Pleasant Valley affordable-housing development and authorizing staff to pursue a tenant-based rental assistance contract with the Housing Authority of the City of Austin.
Mandy DeMaio, Austin Housing Finance Corporation, told the board she had “4 items on today's agenda,” including approval of prior minutes, approving AHFC ownership of land at 5901 South Pleasant Valley Road for the project, authorization to contract with the housing authority for tenant‑based rental assistance, and a public hearing on bond issuance. She said the rental-assistance program would be “approximately $1,400,000 a year, utilizing our federal HOME funds.”
The Sycamores at Pleasant Valley was described by staff as a 75-unit affordable housing development in District 2, with units restricted to roughly 40–50% of median family income. The board opened the public hearing on a proposed $25,000,000 issuance of multifamily revenue bonds for the development, heard that there were no speakers, and closed the hearing.
The board then approved the consent agenda without objection after Council member Siegel moved to adopt and Council member Lane seconded. The consent agenda covered items 1 through 4 referenced by staff: minutes for several prior meetings; AHFC acquisition of the land parcel at 5901 South Pleasant Valley Road for the Sycamores project; authorization for staff to pursue a tenant-based rental assistance contract with the Housing Authority of the City of Austin using federal HOME funds at about $1.4 million per year; and the procedural public hearing for $25 million in multifamily revenue bonds.
The meeting lasted only a few minutes; the chair adjourned the AHFC Board at 11:22 a.m.
Votes at a glance: the consent agenda—including approval of minutes; AHFC ownership of land for the Sycamores at Pleasant Valley; authorization to execute the tenant-based rental-assistance contract; and completion of the public hearing on $25,000,000 in multifamily revenue bonds—was adopted without objection. No roll-call vote or individual vote tallies were recorded in the transcript.
