The Sponsor

Mission Statement
Affordable Central Texas (ACT), in conjunction with Austin Housing Conservancy Fund, works to ensure Austin’s workforce can afford to live in greater Austin by building a scalable social impact fund aimed at preserving well-located multi-family apartment properties for long-term affordability. ACT is a 501(c)(3) charitable nonprofit formed by local Austin real estate and affordable housing veterans to manage the activities and investments of the Fund and otherwise act to improve workforce housing in and around Austin.
ACT was established as a charitable organization to relieve the burdens of government and initially serve the Central Texas Area through the preservation of affordable housing.
Established in 2016, its founders are experienced real estate professionals and advocates for affordable housing who engage and participate as the sponsor of the Fund. This charitable organization was initially funded through contributions from its founding members and local and national foundations. It continues to obtain additional capital from charitable donations, endowments, foundations and others.
The team at ACT has a broad base of experience to support the Austin Housing Conservancy Fund’s investments and mission. Throughout their respective careers, the ACT management team members have demonstrated investment acumen, financial expertise, fundraising success and local knowledge of their communities. With more than 25 years of experience each, senior team members have completed more than $15 billion in capital market transactions and have overseen single-asset to multibillion-dollar funds utilizing REIT, 1031 and LP structures in core, value-add and opportunistic strategies.
Locally, the team has more than a half-century of Austin experience, including leadership positions at AIC Ventures, the Real Estate Council of Austin, Koll, the LBJ Foundation, Rubloff, and the Urban Land Institute.
Diversity Statement
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. 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.
Code of Ethics
Overivew
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.
Policy
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.
Applicable Laws
The conduct of the Company and its employees are to be in compliance with the laws and regulations relating to the company’s business.
Equal Employment Opportunity
We do not tolerate unlawful discrimination or harassment of any kind. Employment here is based solely on your merit and qualifications.
Moral and Ethical Standards
All employees are expected to adhere to sound moral and ethical standards.
Loyalty
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.
Kickbacks and Gratuities
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.
Conflicts of Interest
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.)
Improper Influence on Conduct of Audits
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.
Confidential Information
Employees and Directors may not divulge confidential or proprietary information except as authorized by the CEO.
Employee Privacy
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.
Computing Resources, Email, and the Internet
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.
Political Activities
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.
Safety and the Environment
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.
Drugs and Alcohol
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.
Anti-Trust
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.
Timeliness
All employees are expected to carry out their assigned duties in a timely manner.
Compliance Procedures
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: | 512-202-7997 |
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
Equity Advisor Committee Meeting
ACT/AHC Equity Advisory Committee Meeting
Summary Report
July 16, 2020 and October 1, 2020
Introduction
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:
- Marianne Dwight – Of Counsel, Michael Best and Board Member, Affordable Central Texas/Austin Housing Conservancy
- Robert Burford – Veteran, student, resident in an ACT property
- John McKinnerney – investor, Capital Hill Partners
- Ray Owens – former Chief Investment Officer, Piedmont Realty Trust
- Ashley Hunter – Managing Director, HM Risk Group and Board Member, Affordable Central Texas/Austin Housing Conservancy
- Ashley Phillips – Managing Partner, Impact Hub/Vuka
- Amanda Masino, Ph.D. – Associate Professor of Biology, Huston-Tillotson University
- Tam Hawkins – President and CEO, Greater Austin Black Chamber of Commerce, facilitator for session
- Christopher Rios – investor, Assistant Vice President, Texas Capital Bank
- David Steinwedell – CEO, Affordable Central Texas/Austin Housing Conservancy
- Yael Ouzillou – Strategy and Development Consultant
- Brian Strickland – CFO, Affordable Central Texas/Austin Housing Conservancy
- Amy Barbee – VP, Affordable Central Texas/Austin Housing Conservancy
- Kathy Denny – Asset Management, Affordable Central Texas/Austin Housing Conservancy
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.
Equity
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.
Equity Frameworks
There are five items to consider within an equity framework when considering past, current or future programs and initiatives.
- What is the policy, program, practice or budget decision under consideration? What are the desired results and outcomes?
- Data: What’s the data? What does the data tell us?
- Community engagement: How have communities been engaged? Are there opportunities to expand engagement?
- Analysis and strategies: Who will benefit from or be burdened by your proposal? What are your strategies for advancing racial equity or mitigating unintended consequences?
- Implementation: What is your plan for implementation?
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.
- Diversity: Are the diverse identities and perspectives of our stakeholders reflected in the demographics of those impacted by decisions?
- Equity: Are the outcomes and results of this decision predictable by demographics or identity-markers?
- Inclusion: Are the diverse identities and perspectives of stakeholders included in this decision making process that will impact their lives?
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.
Programs at properties:
There are several factors ACT needs to evaluate as it creates and provides programs for residents at different properties. Recommendations:
- Continue to utilize surveys with questions that ask what services and programs residents desire.
- Ensure the language around program offerings and the programs themselves reflect awareness of the ethnicity of the residents and don’t imply a standard of worthiness or requirement to participate.
Community engagement for attracting new residents:
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:
- Create marketing programs targeted toward a variety of ethnicities and backgrounds.
Engagement within ACT/AHC communities and building trust:
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 are opportunities to start building this relationship with the onboarding process of new residents.
- Residents should be asked what kind of programs they want or need and provide programming based on their needs rather than what the organization thinks they need.
- Interactions with residents – from the onboarding process to on-site programming should be measured through surveys. The fundamental questions being asked are: “Have we met your expectations? Are there other things you need?”
- Creating “agents of trust” on properties. Perhaps identify residents who can act as trust agents on property.
- When crafting materials, consider the audience those materials are directed to and the language used.
Vendors/suppliers:
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:
- This is an opportunity to partner with the Multi-Ethnic Chamber Alliance (MECA) and its member chambers.
- Create a property preferred vendors list as well as a corporate vendor list.
- Educate and invest our property manager partners so they embrace the concept. Create goals, a plan and timelines for achieving those goals with property management partners.
- Set goals throughout the organization for diversity in supplier, vendor and contractor list. Create a plan with benchmarks and ability to measure outcomes so the organization can report out to the taskforce and other stakeholders.
Investors:
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:
- Create partnerships with MECA Chambers to present in front of their membership who could be potential investors.
- Broaden scope of research and other tools used to identify prospects.
- Try to create public/private partnerships which can attract institutional investors.
Staffing and Board diversity:
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:
- ACT/AHC is currently working with Huston-Tillotson University to recruit interns. Part of the scope of work for the internship is data-collection and how to create more culturally competent data collection working on “soft” indicators.
- ACT/AHC needs to continue tapping into the wide range of institutions that have internship programs from Huston-Tillotson, St. Edwards, Texas State to ACC.
- Create mentorship opportunities for soon-to-be or recent graduates.
- As ACT/AHC has job opportunities available, look to minority recruiting firms to assist in filling the position and post the job with organizations or in outlets that have access to a diverse pool of candidates.
Next steps and planning
Three next major steps that the organization will take in this process with timeframes and ACT staff lead.
- Review racial equity definitions and how those definitions apply to ACT and the fund, AHC – Complete by 3rd Quarter 2020.
- The ACT team will set goals for ACT and AHC. The goals include:
- Lookingk of ACT and AHC’s work and mission – 3rd Quarter 2020
- Treating racial equity and inclusion as a core competency skill-set – 3rd Quarter 2020
- Provide resources and training so teams, including property managers and others involved in ACT/AHC, can be effective on communicating about DEI – 4th Quarter 2020
- ACT will create an action plan with benchmarks.
- Goals, plans, executive summary, and timelines will be completed by August 30, 2020
- Plan will address the following components that were discussed:
- Communicate to various stakeholders on equity plan including putting executive summary and timeline on website – 3rd Quarter 2020
- How to create “trust agents” and a program around those “trust agents” on property – 1st Quarter 2021
- How to better target marketing for potential residents, onboarding process and current residents – 4th Quarter 2020
- Explore partnerships with MECA chambers and other organizations to diversify the vendor programs and investor diversity – 3rd Quarter 2020
- How to increase investor diversity – 4th Quarter 2020
- Create a staffing plan that includes increasing staffing diversity – 4th Quarter 2020
- How to address softer metrics like culture, trust, worthiness and sustainable community building – First Quarter 2021.
- How to measure outcomes, benchmarks and report– 3rd Quarter 2020.
Reporting to Equity Advisory Committee
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.
October 1, 2020 Update
Equity Tasks – 3rd Quarter 2020
- Looking at racial equity and inclusion as part of overall framework of ACT and AHC’s work and mission
- Incorporate as part of board responsibilities and reporting by ACT – will take place at November quarterly board meeting
- Add to job descriptions as job responsibility – Underway
- Treating racial equity and inclusion as a core competency skill-set
- Staff participate in ULI 21 Day Equity Challenge commencing on October 16th
- Follow up – Staff and Board take antiracism training – including inviting the Equity Advisory Committee to participate – potentially Leadership Austin Course.
- Added as agenda item to staff meetings – progress, issues, and discussion
- Staff participate in ULI 21 Day Equity Challenge commencing on October 16th
- Explore partnerships with MECA (Multi Ethnic Chambers of Austin) chambers and other organizations to diversify the vendor programs and investor diversity
- Setting up call with MECA through Tam
- How to measure outcomes, benchmarks and report
- Measure outcomes using PIMCO developed tool and benchmark to Austin area diversity metrics- underway
- Report quarterly – underway
Board of Directors

Marianne Dwight
Secretary, ACT

Frances Ferguson
Executive Director

Printice Gary
Investment Committee, ACT

Ashley Hunter
Treasurer, ACT
A. Hunter Company

Steve LeBlanc
Chairman, ACT
SL Equity

David Steinwedell
CEO

Brian Strickland
Former CFO
Limited Partner Advisory Committee
Members
- Kirk Rudy Managing Principal Endeavor Real Estate
- Vicki Husband Chief Compliance Officer and Corporate Counsel Amherst Residential
- Greg Clay President JMI Realty
- Dan Ferreri Director Marbella Interests, LLC
- Perry Lorenz Real Estate Developer
Management Team

David Steinwedell
CEO
steinwedell@affordablectx.org
A 34-year veteran in real estate and investment and an 11-year Austinite, David Steinwedell applies the best practices of private equity and asset management to the city’s moderate- and middle-income affordability challenges. David has worked at fund advisers, REITs and real estate investment banks, and has led teams in acquisitions, asset management, and debt and property management. He has been involved in over $15 billion in financial transactions across several REITs and high-net-worth investment funds, and was the executive director of the Urban Land Institute-Austin for four years until transitioning full time to his current role as president and CEO of Affordable Central Texas. His experience across all property types and various investment vehicles provides the background to make flexible investments and create innovative transaction structures to address Austin’s rapidly changing marketplace. David is a graduate of Hamilton College and has served on the boards of NAREIM, ULI - Austin and Atlanta, and the Tritt Foundation. He and his wife, Patty, reside in Austin and have three grown children.

Monica Medina
President
Medina@affordablectx.org
As President, Monica is responsible for growing the organization and increasing capacity to add properties to the portfolio. She brings 20 years of banking experience to Affordable Central Texas, having held various roles in Business Banking, Government and Institutional Banking and Commercial Banking across banks ranging from $5B in assets to $1.8T. Most recently, Monica served as Senior Vice President, Commercial Banking Team Leader for Broadway Bank, growing the loan and deposit portfolio by 430% in under 24 months. She has developed and executed national business development strategies for new banking divisions and has been responsible for growing and managing several hundred-million-dollar portfolios.. Monica has exemplified being a servant leader with roles on the Mission Capital Board, former chair of the Board for H.A.N.D (currently part of Meals on Wheels) and is a graduate of Leadership Austin. Monica’s business and community connections, and financial expertise bring a unique skill set to the organization to grow capacity and achieve the mission to preserve 5,000 units of affordable workforce housing over the next five years. Monica and her husband, Jose, met and graduated from Texas State University 20+ years ago, have called Central Texas home ever since, and are now raising four young children here.

Amy Barbee
Managing Director – Capital Raise Amy Barbee brings to Affordable Central Texas nearly three decades of experience as the executive director of prominent nonprofits, including the Real Estate Council of Austin, the LBJ Foundation and the Texas Cultural Trust.
As a 52-year Austin resident and with a decade of accumulated real estate experience, Amy is a staunch advocate for the people of Austin. She brings a network of local connections and an extensive background in revenue generation, fundraising, nonprofit management and operations to Affordable Central Texas.
After briefly leaving Austin to work as a production coordinator in the film industry, she returned in the late 1980s when she could fully appreciate all the city has on offer. In the time since, she has raised twins and launched her career in executive management. She is a graduate of Northwestern University.

Kathy Denny
Managing Director – Real Estate As Managing Director of Real Estate, Kathy is responsible for preserving the organizations mission while executing property specific investment strategies to enhance value and mitigate risk. Kathy brings 30 years of commercial real estate experience to Affordable Central Texas. Kathy’s background spans multiple product types including office, industrial and retail and includes acquisitions, land assemblage, investment sales and leasing. Kathy has a B.S. from Texas A & M University, College of Engineering. She is a licensed real estate broker and a member of The Real Estate Council of Austin.
Kathy also recognizes the personal fulfillment achieved when integrating community service into her work - life balance. Kathy has served on the boards of Nexus Recovery Center and The Real Estate Council of Dallas. Kathy is an active member of the World Affairs Council of Austin and is currently mentoring Afghan Refugees.

Beverly Grass, CPA
Vice President of Finance
– Real Estate Beverly Grass adds 30 years of accounting experience to Affordable Central Texas. She held various accounting positions at the Teacher Retirement System of Texas (TRS) including investment fund accounting for Real Assets, Private Equity, Hedge Fund and External Public Market portfolios. In addition, she has been responsible for accounting work for several nonprofits. Beverly has earned her CPA, received the CFA Investment Foundation Certificate and the Claritas Investment Certificate in addition to a BS in Accounting from Liberty University graduating Cum Laude. She and her husband are long-time residents of Central Texas.
Interns

Justin Parker
Austin Community College / University of Connecticut

Jack South
University of Texas - McCombs School

Zahria Touchstone
Huston Tillotson

Angelica Bravo
Huston Tillotson

Dylan Nguyễn
Rice University

Anna Lazenby
University of Texas