Austin housing finance board approves inducement for $33 million bond allocation to rehab Elm Ridge Apartments

The Austin Housing Finance Corporation board approved an inducement resolution on May 7, 2026, authorizing an allocation of up to $33,000,000 in private activity volume cap for non‑recourse multifamily bonds to Elm Ridge Preservation LP to finance rehabilitation of Elm Ridge Apartments.

Nicole Joslin, housing and community development officer for Austin Housing, introduced the agenda and said the inducement resolution was part of the consent agenda. A remote speaker, Patrick Berry, urged support for the project and said the work would amount to "over $85,000 per door" and that Elm Ridge is "a 100% project based Section 8 property" with occupancy restricted to households earning below 50% of area median income. "No residents will bear the burden of any rent increases," Berry said.

Board member Ellis moved to approve the consent agenda, which included the minutes from the April 23, 2026 meeting and the inducement resolution; board member Velasquez seconded the motion. The Mayor announced the consent agenda was adopted "without objection". The Mayor also noted board member Fuentes was absent for the birth of her child. The transcript did not record an individual roll-call tally.

The inducement resolution authorizes the use of private activity volume cap for bonds to support a proposed rehabilitation project at Elm Ridge Apartments; specific financing documents, bond closing dates and implementation steps were not specified in the meeting record. The board adjourned at 2:32 p.m.

Next steps and timelines for bond issuance or construction were not stated during the meeting.