\t\t\t\t\t\t\tAustin officials approved more than $50 million for local affordable housing initiatives, including $29.27 million for existing and planned developments around the city.<\/p>\n
The overview<\/p>\n
Austin City Council, which serves as the board of the city’s strategic nonprofit Austin Housing Finance Corp.<\/a>, signed off on a slate of affordable housing funding April 9. The city supports housing that’s affordable based on the local median family income<\/a>, or MFI, which is now about $134,000 for a four-person household.<\/p>\n Most of the money will go toward planned single-family and apartment projects as well as existing apartment complexes with affordable units. Developments funded across North, East and South Austin this spring included:<\/p>\n Five ownership projects that will add 109 homes available to buyers earning up to 60%-80% MFI, which are receiving $13.52 million from federal grants, the city’s 2022 housing bond<\/a> and anti-displacement funds<\/a> from the Project Connect transit projectTwo new rental projects with 388 units available between 30%-60% MFI, funded with $8.3 million from the 2022 bond and Project Connect fundsExisting apartments with 233 units to be supported by $7.45 million of bond and anti-displacement funds<\/p>\n “><\/p>\n Additionally, almost $22 million was reserved for the city’s local housing voucher program through the Housing Authority of the City of Austin, including $6 million in the current fiscal year. Vouchers subsidize rental units for tenants exiting homelessness through permanent supportive housing<\/a> programs.<\/p>\n “Obviously, we don\u2019t have the resources we need to really solve the housing crisis,” council member Mike Siegel said. “I continue to believe that the state and federal governments should step up and serve the people. But I\u2019m proud of our city for continuing to invest in projects and programs like this.”<\/p>\n Zooming in<\/p>\n The Guadalupe Neighborhood Development Corp.<\/a> received allocations for four of its housing developments around East Austin. The city is also transferring some land to the community builder for its 32-home Ada Anderson Place project on the east side. Housing there will be made available through the GNDC’s Community Land Trust program<\/a>, through which land is leased while homes are sold at more affordable prices.<\/p>\n Ada Anderson Place is situated next to a newly opened affordable rental development<\/a>, Norman Commons, built by Foundation Communities. Mayor Kirk Watson noted the naming in honor of Ada Anderson, as well as the GNDC’s nearby Johnny Limon Village<\/a> development that also received funding, as “wonderful” tributes to two impactful Austinites.<\/p>\n Funding was also approved for nearly 50 houses from Austin Habitat for Humanity<\/a> in Southeast Austin’s master-planned Goodnight Ranch community. The three-bedroom homes are expected to each total 1,678 square feet and be sold for $230,000 to 80% MFI buyers.<\/p>\n On the rental side, council members signed off on funding for two new mixed-income projects from Journeyman Group<\/a> and DMA Cos.<\/a> Those apartment complexes in South and Southeast Austin, with 60 and 328 units each, feature a mix of sizes from studios to three-bedrooms. The Sasha, a 60-unit project from DMA, is entirely reserved as permanent supportive housing and has previously received city support<\/a>.<\/p>\n Narrow Road Group<\/a>‘s South First Affordable Apartments and the Preserve at Central Park on North Lamar Boulevard, partially managed through the city, are also getting more than $7 million combined to maintain their lower-income housing.<\/p>\n The south apartments won almost $5 million to rehabilitate properties at 714 Turtle Creek Blvd. and 5609 Cougar Lane, where rents fall within the 30%-60% MFI range. The Preserve at Central Park, recently purchased by the AHFC as part of a wider affordable housing acquisition<\/a>, is getting $2.5 million for financing that’ll help maintain affordable rent rates between 10%-80% MFI.<\/p>\n