2018 housing bond to fund construction of 300 affordable homes

Austin City Council is set to vote Thursday on funding the construction of several hundred new affordable homes, courtesy of the $250 million from the 2018 affordable housing bond. Today’s vote will be the first instance the bond funding will be used to build brand-new homes. The homes will be in areas around the city that have experienced gentrification as well as high-opportunity areas that currently have little affordable housing available. A news release about the vote says about 300 of the homes will be reserved for families making less than half the income of the average Austin household, and 50 of those will be earmarked for families earning less than 30 percent of the income of the average Austin household. “Over 140 of the affordable homes will be for those with disabilities, those experiencing homelessness, or those with other critical needs that require supportive housing,” Council Member Greg Casar, who chairs the city’s Housing and Planning Committee, said in the news release. “Austinites have demanded that we fight gentrification. They’ve demanded that we get off the list of most segregated cities. They want change. Using the affordable housing bond, the City Council can begin to make that change.” The new bond will fund affordable housing four times a year. Of the 18 applications that were competing for funding, eight are being funded by the city this quarter.