On Thursday, City Council will consider resolutions of support for seven affordable housing developments seeking funding through the state’s 9 percent Low-Income Housing Tax Credit (LIHTC) program. If approved, items 16-22 on the agenda will be included in developers’ applications to the Texas Department of Housing and Community Affairs, which oversees the competitive program that […]
Austin Housing Finance Corporation
A city tool to create housing for low- to moderate-income families in Austin. The Board of Directors is made up of the entire City Council.
Posted inDevelopment
City starting over on Ryan Drive redevelopment project
The city appears ready to hit the reset button on the redevelopment of its Ryan Drive property in North Austin, more than a year after selecting a development team that appeared ready to move the project forward. Last month the city terminated its exclusive negotiating agreement with 3423 Holdings LLC, the group led by developers […]
Posted inPlanning
Nonprofit groups getting $20M in Project Connect funds to prevent displacement
The city has named the 14 nonprofit organizations that will use $20 million in funds from Project Connect to enact community-level programs to prevent displacement as the massive transit system moves forward. Last week, the city’s Affordable Housing Finance Corporation approved the awards, which will be drawn from the $300 million in anti-displacement, affordable housing […]
Posted inDevelopment
City formulates $98 million financing plan to cover Colony Park gap
The city is asking Travis County to contribute $30 million to the development costs of the Colony Park planned unit development in Northeast Austin, part of a proposed financing package of $98.8 million needed to complete the project. A city memo released Tuesday outlines several details related to the ongoing development that is being led […]
Posted inZoning
Over 200 affordable homes planned on city-owned property in East Austin
An affordable housing project called the Libertad is set to bring over 200 affordable homes to city-owned property in East Austin. The project at 900 Gardner Road will be built on a vacant, 8.5-acre slice of a larger property that is home to the Austin Animal Center, among other city organizations, as well as nonprofit […]
Posted inHousing
The battle for 3000 Funston Street
What does a house interrupted look like? On a small piece of land in West Austin, you can see the answer: Wooden boards form a rectangle in the center of the lot meant to case a foundation, but it’s a container without anything to contain. The inspector who would have signed off on pouring the […]
Posted inHousing
Espero at Rutland offers hope for the homeless
At next week’s meeting, City Council, acting as the board of directors of the Austin Housing Finance Corporation, is expected to approve funding for a 171-unit supportive housing development at 1934 Rutland Drive. In building and operating Espero at Rutland, AHFC will partner with Caritas of Austin and the Vecino Group, a national low-income tax credit […]
Posted inHousing
Foundation Communities gets $1.5M, seeks more to fund affordable housing projects
A pair of affordable housing apartment complexes from Foundation Communities have received $1.5 million in subsidies to help pay for their construction costs and cover part of a remaining fundraising gap. Wells Fargo and the Federal Home Loan Bank of Dallas have given two $750,000 Affordable Housing Program subsidies to the under-construction Zilker Studios on […]
Posted inCity Council
Affordable housing bond to help create cooperative housing mobile home park
After five years of protesting increased housing costs and poor property management, City Council has approved a $2.5 million loan agreement so that residents of North Lamar Mobile Home Park in District 4 may purchase the land under their homes and run the site as a housing cooperative. “I couldn’t be more inspired by the […]
Posted inHousing
Govalle neighborhood looks for compromise in affordable housing project
The city of Austin owns 5 acres of land on three adjacent properties at 1127-1131 Tillery St. Two of those acres are home to a grove of pecan trees that some in the neighborhood worry are in danger of being felled in order to construct affordable housing units. The Austin Housing Finance Corporation is working […]
Posted inHousing
Affordable housing takes a few steps forward
Housing prices continue to climb in Austin as more people move to the music and tech mecca of Texas. According to Zillow, the median home value in Austin is $372,200, while the median list price is $399,000. In adopting its Strategic Housing Blueprint, City Council set a goal of adding 135,000 new housing units to […]
Posted inHousing
City tightens standards for housing development assistance loans
The Austin Housing Finance Corporation plans to be more selective with loan applications and partnerships for its Rental Housing Development Assistance and Ownership Housing Development Assistance programs in the coming years. The programs offer loans to developers promising housing units for a range of economically disadvantaged individuals, from those living in poverty to those who […]