The ACT Together Program will provide emergency assistance to the families and workers living at our properties earning 60 to 80% of median family income (MFI). The majority of people in this income category have less than a month’s rent in savings, let alone enough to cover utilities, food, car payments, credit card or student loan debt and medical costs if they lose their job or are furloughed during this crisis. Federal Reserve data shows that those in this demographic have approximately $1,700 to $3,800 in savings. If you earn above 60% MFI, there is no safety net, no rental assistance programs, no government assistance, and severely limited private support.
Affordable Central Texas (ACT), a 501(c)(3) organization, is challenged by the inability to acquire and close new acquisitions due to the coronavirus. In order to avoid layoffs, we are asking for your support to allow the continuation of our programs and mission. Our few employees work hard and are passionate and committed to our mission. We need your help to ensure we have the funds to keep them employed.
ACT, as an organization, is an investor in the Austin Housing Conservancy Fund. We accept donations that can be directed to be invested into the Fund increasing ACT’s presence and ensuring the long-term viability of the Fund to meet the needs of our workforce residents.
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SubmitThe summary description of Austin Housing Conservancy Fund LP (the “Fund”) included herein, and any other materials provided to you, are intended only for discussion purposes and are not an offering memorandum or any other kind of an offer to buy or sell, or a solicitation of an offer to buy or sell, any security, instrument or investment product or to participate in any particular trading strategy. It is not intended and should not be relied upon by you in any manner as legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy an interest in the Fund. This presentation is being circulated on a confidential basis to a limited number of sophisticated investors at their request, for informational purposes only. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation.
A private offering of interests in the Fund will be made only pursuant to the confidential offering memorandum (together with any supplements thereto, the “Memorandum”) of the Fund and its subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with any such offering. The information contained in this presentation is superseded by, and is qualified in its entirety by reference to, the Memorandum, which contains information about the investment objective, terms and conditions of an investment in the Fund and also contains tax information and risk disclosures that are important to any investment decision regarding the Fund. No person has been authorized to make any statement concerning the Fund other than as set forth in the Memorandum and the definitive subscription documents and any representation or information not contained therein may not be relied upon. This presentation does not constitute a part of the Memorandum. Any offering of interest in the Fund is made only pursuant to the Memorandum, which must be read in its entirety. Recipients of this presentation should make their own investigations and evaluations of the information contained in this presentation. Prior to any closing of a private offering of any Fund interests, the Fund will provide investors the opportunity to ask questions and receive additional information concerning the terms and conditions of such offering and other relevant matters.
An investment in the Fund will be suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment will provide limited liquidity because interests in the Fund will not be freely transferable and may be withdrawn only at certain intervals. There will be no public or secondary market for interests in the Fund, and it is not expected that a public or secondary market will develop. The interests in the Fund will not be registered under the Securities Act of 1933, as amended, nor under any state’s blue sky law in reliance upon exemptions available under such laws. Among other requirements, such exemptions require that the transfer of interests in the Fund must be restricted. An investment in the Fund has not been recommended by any U.S. federal or state securities commission or any other governmental or regulatory authority. Furthermore, the foregoing authorities have not passed upon the accuracy, or determined the adequacy, of this document. Any representation to the contrary is unlawful.
Certain information contained in this document constitutes “forward-looking statements” which can be identified by use of forward-looking terminology such as “may,” “will,” “target,” “should,” “expect,” “attempt,” “anticipate,” “project,” “estimate,” “intend,” “seek,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to the various risks and uncertainties, actual events or results in the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. The results of the Fund may differ significantly from any performance data provided or referenced herein due to a number of factors, and investors can lose their investment in whole or in part.
An investor should not make an investment in the Fund, unless it is prepared to lose all or a substantial portion of its investment. A prospective investor should only commit to an investment in the Fund if such prospective investor understands the nature of the investment and can bear the economic risk of such investment. The Fund is speculative and involve a high degree of risk. The information contained herein does not purport to contain all of the information that may be required to evaluate an investment in the Fund. The offering is made only by the confidential private placement memoranda (the “Memorandum”) and governing and subscription documents of the Fund, which should be read in their entirety and constitute the only basis on which subscriptions may be made. The information herein is qualified in its entirety by reference to the Memoranda, including, without limitation, the risk factors therein. In making an investment decision, you must rely on your own examination of the Fund’s governing and subscription documents and the terms of the offerings. No offer to purchase interests in the Fund will be accepted prior to the receipt by the offeree of all appropriate documentation.
There can be no guarantee that the Fund’s investment objectives will be achieved, and the investment results may vary substantially. As a result, an investor could lose all or a substantial amount of its investment. There are restrictions on withdrawing and transferring interests in the Fund. The fees and expenses of the Fund may be higher than the fees and expenses of other investment alternatives and will reduce profits and may offset gains or result in a loss to an investor. The Fund’s ability to achieve its investment objectives may be affected by a variety of risks not discussed herein. Please refer to the Memorandum and related documents for additional information regarding risks and conflicts of interest.
The Fund’s investments will not be diversified among types of securities, thereby increasing the risk of loss. Leverage may be employed, which can make performance volatile. Please refer to the Memorandum for additional information regarding risks factors related to the Fund and its investment strategy.
An Equity Advisory Committee was formed by Affordable Central Texas (ACT) to assist in reviewing practices, policies and procedures at ACT and its investment fund, the Austin Housing Conservancy Fund (the “Fund”). The meeting was held by Zoom conference call on July 16, 2020 and participants included a variety of stakeholders including community members, ACT board members, a resident, investors and staff.
Participants, firms, roles and titles:
The goal of the task force is to do a thorough examination of ACT as a non-profit and AHC as a social impact fund with a lens to diversity, equity and inclusion (DEI). The organization wants help identifying blind spots and concrete actions to address issues and discuss timelines for taking those actions and mechanisms for tracking, measuring and reporting on the work done.
Since equity can mean different things to different people based on lived experiences, background and other factors, it was important to level-set on the definition of equity. The definition under which the taskforce operated was:
Racial equity is the condition that would be achieved if one’s racial identity no longer predicted statistical outcomes. Equity is that whatever your circumstance that you can’t control doesn’t determine your outcomes.
There are five items to consider within an equity framework when considering past, current or future programs and initiatives.
This equity framework was then applied to multiple facets of ACT/AHC’s work and organization from outreach to prospective residents, programs for residents, marketing to potential investors, board and staff recruitment and more. To deepen the conversation, the group was asked to consider three questions.
The conversation focused on the first and third questions because the organization, as a young organization, is still working on how to measure outcomes. These questions are to be applied to all aspects of the business and non-profit, from a resident perspective, to vendors, suppliers, and other business aspects.
There are several factors ACT needs to evaluate as it creates and provides programs for residents at different properties. Recommendations:
Currently, ACT properties are at 94% occupancy. As units become available, what can ACT do to broaden its outreach efforts to engage more diverse communities as potential residents? Recommendation:
One of the taskforce members flagged that we were evaluating tactics but not addressing the softer, and overarching issues, like the culture we are building. Specifically, the taskforce member asked ACT/AHC to consider that the organization “might get everything correct but what is the step further that creates sustainable community building? Recommendations:
There is an opportunity to bring diversity into the vendor and supplier list for the non-profit and business side. Overall, the organization needs to be more intentional and prioritize bringing diversity into the vendor/supplier list and working with the partners in property management to make this a priority. Recommendations:
The taskforce encouraged the team to look at the demographics of the investors and think about opportunities to expand the investor portfolio. Overall, AHC needs to make a concerted effort to do a deeper dive into diverse communities and broaden the scope of who the organization is presenting investment opportunities to. Recommendations:
While the Board is diverse, the challenge has been in staff diversity. The staff has gender diversity but not racial diversity. This is part of a larger problem within the real-estate developer/investment profession. The taskforce was asked to provide recommendations on how ACT/AHC can do a better job given the resources and growth trajectory of the organization. As of right now, ACT/AHC has 2 full time employees and 3 part-time employees. ACT/AHC is still an early stage organization with limited resources. As the organization grows, a road-map is needed for building a diverse staff and ensuring that staff is supported in their success. Recommendations:
Three next major steps that the organization will take in this process with timeframes and ACT staff lead.
ACT/AHC is committed to bringing actions forward that are informed by the conversation with the task-force, residents and other stakeholders. ACT/AHC wants to ensure that there is a conversion from conversation to actionable plan. ACT/AHC is also committed to making goals and how those goals are being acted upon and presented to the public. And, as an organization, ACT/AHC is committed to a continued learning process and creating a feed-back loop between the organization, residents, investors and other stakeholders.
The task force will be reconvened in six to twelve months for an assessment of the work accomplished and goal setting for the next phase. Communication will continue in the interim with members of the task force that include reporting on progress to date and discussions around any blind spots or obstacles being faced.
Affordable Central Texas, Inc. is committed to fostering, cultivating and preserving a culture of diversity and inclusion. The collective sum of the individual differences, life experiences, knowledge, inventiveness, innovation, self-expression, unique capabilities and talent that our employees invest in their work represents a significant part of not only our culture, but our reputation and company’s achievement as well.
We embrace and encourage our employees’ differences in age, color, disability, ethnicity, family or marital status, gender identity or expression, language, national origin, physical and mental ability, political affiliation, race, religion, sexual orientation, socio-economic status, veteran status, and other characteristics that make our employees unique.
All employees of Affordable Central Texas have a responsibility to treat others with dignity and respect at all times. All employees are expected to exhibit conduct that reflects inclusion during work, at work functions on or off the work site, and at all other company-sponsored and participative events.
Employees who believe they have been subjected to any kind of action that conflicts with the company’s diversity statement should seek assistance from a supervisor or an HR representative or refer to the Company’s Whistleblower Policy.
This policy describes the code of conduct expected of all employees and Directors of Affordable Central Texas (the “Company”). It is general and not intended to be all-inclusive. Please read our code and follow it.
Affordable Central Texas, Inc. (ACT) is committed to being an ethical and responsible member of society. In order to ensure the highest standards of ethics, honesty, governance, and integrity are maintained, we have adopted this Code of Ethics Policy. We refer to the elements of this policy as our Code. Our Code provides the guidelines and standards for acceptable business conduct. It is our policy that all employees and directors shall abide by and comply with the ACT’s Code.
An employee that believes they have discovered a matter that appears to be in violation of the Code has a duty to report the matter. This matter may be reported to the employee’s supervisor, other management level employees and the Board. We have also adopted a Whistleblower policy to ensure that employees reporting a genuine concern or complaint will not be discriminated or retaliated against and have the opportunity to make such reports anonymously.
The conduct of the Company and its employees are to be in compliance with the laws and regulations relating to the company’s business.
We do not tolerate unlawful discrimination or harassment of any kind. Employment here is based solely on your merit and qualifications.
All employees are expected to adhere to sound moral and ethical standards.
All employees and Directors have a duty of loyalty to the Company and may not take personal advantage of any opportunity that properly belongs to the Company.
The Company considers it to be unethical for any employee, officer or Director to accept or offer payment, gift, gratuity, or employment as an inducement for preferential treatment by or for the Company. All offers for kickback and gratuity shall be reported to the CEO or Board Chair. The Company does not consider the giving or acceptance of immaterial items and activities through the normal course of business to be a kickback, gift or gratuity for the purpose of this policy. If there are any questions in the interpretation of this policy, please see CEO for clarity.
No employee, officer, or director shall be, potentially be, or appear to be, subject to influences, interests, or relationships, which conflict with the best interests of the Company. Employees, and their direct family members, without prior approval of the CEO and reported to the Board, may not serve as an Officer, Director, manager, employee, or agent of any company that is a competitor, supplier, or customer of the Company. Unless previously approved by the CEO, full time employees should not engage in outside interests that divert time and attention necessary to attend to Company affairs, as a Fiduciary and to meet the mission of the non-profit. (Please refer to the Company’s separate Conflict of Interest Policy.)
No employee, officer, director, or any other person acting under the direction thereof, shall take any action to fraudulently influence, coerce, manipulate, or mislead anyone engaged in the performance of an audit of the financial statements of the Company.
Employees and Directors may not divulge confidential or proprietary information except as authorized by the CEO.
The Company is committed to protecting the privacy of its employees. This includes employee data maintained by the company. Employee data will be used to support Company operations, provide employee benefits, and comply with laws and regulations. The Company and all employees are expected to comply with all data protection laws, regulations, and Company policies.
Company provided internet related services are to be used for company business. All information on company systems, whether physical or in the cloud, including electronic mail, is the property of the Company and open to review by the Company. Management may inspect and disclose company property; this includes the contents of electronic messages. Therefore, please do not store personal information on company devices. Use of computing resources to access or transmit offensive or illegal content, or to offend or harass others, is not acceptable and prohibited.
The Company considers itself an apolitical organization in accordance with its non-profit designation. As such, no Company funds or assets will be contributed or used for the purpose of influencing any election without the approval of the Company Board of Directors. This policy does not prohibit Company participation in trade or special interest organizations.
The Company is committed to full compliance with all safety and environmental laws and regulations. All employees are expected to comply with these laws, regulations and Company policies.
Illegal drugs at our workplaces or sponsored events are strictly prohibited. We urge caution not to consume alcohol in a way that leads to inappropriate behavior, impaired performance, or endangers the safety of others.
Any planning or acting together with competitors about the nature, extent, or means of competition is a violation of Company policy and anti-trust laws. This includes, but is not limited to, price fixing, sales or production quotas, geographic competition, and boycotts.
All employees are expected to carry out their assigned duties in a timely manner.
Any employee who knows, or has reason to believe, of violations to this Code or other company policies and procedures is expected to promptly report the violation to:
Name: | David Steinwedell |
Telephone: | 512/592-9906 |
Email: | Steinwedell@AffordableCTX.org |
Mail: | 2525 Wallingwood, Building 13, Suite A Austin, TX 78746 |
Reporting may be anonymous. No employee will be subject to retaliation, discrimination, or other adverse treatment for reporting known or suspected violations of this and other Company policies and procedures.
Reporting may be anonymous. No employee will be subject to retaliation, discrimination, or other adverse treatment for reporting known or suspected violations of this and other Company policies and procedures.
Approved by the Board of Directors – January 22, 2020