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.
Michael Best & Friedrich LLP
Audit Chair, ACT
Investment Committee, ACT
President and CEO
Affordable Central Texas
Affordable Central Texas
The Austin Housing Conservancy Fund is counseled by a five-member LPAC tasked with overseeing the valuation process—including the selection of valuation firms—and approving annual net asset value.
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.
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.
As Asset Manager, 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 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.