Board Membership Policy
The mission of Affordable Housing Visions For Texas, Inc. is to increase the supply of affordable housing that is available to families of modest means in the State of Texas and to assist those families in acquiring adequate and affordable homes. Substantially all of the dwelling units produced by the Company shall be made available only to families with low incomes. Specifically, at least seventy-five percent (75%) of the units will be made available to families that earn eighty percent (80%) or less of the area’s median income, as adjusted for family size; and at least twenty percent (20%) of the total units will be made available to families that earn fifty percent (50%) or less of the area’s median income. For purposes of this policy, median income will be determined according to HUD guidelines.
Housing developed by the Company may consist of multiple building or multiple projects on scattered sites through selected neighborhoods. In the event that the Company provides individual homes or apartment units located at scattered sites in the community, the Company will either a) restrict sales and/or occupancy to families at or below 80 percent of the area’s median income, or b) make certain that each project will meet the requirements of Internal Revenue Service Rev. Proc. 3.01(1), (2) and (3). The Company hereby adopts as its mortgage policy the same standards at utilized by government-imposed mortgage limitations under FHA.
For developments receiving a property tax exemption or tax abatement, each year the Company must demonstrate through the annual audit of the property’s books that each applicable development partnership spent, for eligible persons in the county in which the property is located, an amount equal to at least 40 percent of the total amount of taxes that would have been imposed on the property in that year without the exemption or abatement, as well as at least 90% of the development partnership’s cash flow, on social, educational, or economic development services, capital improvement projects, or rent reduction.
AHV will concentrate its affordable housing efforts in the Central Texas area.
Affordable Housing Visions for Texas, Inc. (the “Company”) will maintain, through significant representation on its governing board and executive staff, accountability to low-income community residents by requiring that at least 30% of its directors are low-income beneficiaries or reside in low income neighborhoods (identified as within HUD Qualified Census Tracts) in order to ensure commitment to serving local communities and beneficiaries in Board decisions regarding, to the extent practicable, decisions on design, siting, development, and management of the Company’s affordable housing developments.
Board members should demonstrate capacity and expertise for carrying out activities assisted under various community development programs, and also demonstrate a history of serving the local community or communities within which the Company’s housing is to be located.