AUSTIN (KXAN) — The city of Austin Housing Department announced in a Monday press release more than $46.1 million was approved for eight affordable housing developments in Districts 1,3,4,7 and 9.
Those funds, approved by the Austin Housing Finance Corporation (AHFC) Board meetings this year, were allocated towards the Rental Housing Development (RHDA) program.
According to the release, the funds will aid in the construction of 728 affordable rental units for households earning at or below 30, 50 and 60% of the median family income (MFI).
Housing Department Director Deletta Dean said this is a major step for Austin’s vision of “safe, stable, and affordable housing in every part of our city.”
“By building new communities and preserving existing ones, we can help residents stay rooted and reduce displacement pressures that threaten neighborhood stability,” Dean said.
The release said funds for the construction of seven of these developments would be offset, in part, by the federal Low-Income Housing Tax Credit (LIHTC) program, which is administered by the Texas Department of Housing and Community Affairs (TDHCA). Those credits will allow developers to “generate equity through a reduction of federal tax liability in exchange for building low-income rental housing projects,” the release added.
The city of Austin said these developments were awarded funding at the April 10 and May 8 AHFC meetings:
- Bailey at Stassney located in District 3 at or near 400 and 404 West Stassney Lane.
- Manor Apartments located in District 1 at or near 6721 Manor Road.
- The Bloom at Lamar Square located in District 9 at or near 1326 and 1328 Lamar Square Drive.
- Lamar Square Phase 1 located in District 9 at or near 1326 and 1328 Lamar Square.
According to the release, the AHFC Board approved four additional developments during the Sept. 25 meeting:
- Crossroads Redevelopment located in District 7 at or near 8801 McCann Drive.
- Pathways at Santa Rita Courts West located in District 3 at or near 2210 E. 2nd Street.
- St. George’s Court located in District 4 at or near 1443 Coronado Hills.
- Waverly North located in District 9 at or near 3710 Cedar Street.
Read the full housing development funding awards here.
AHFC was created by the city as a nonprofit to implement housing solutions to serve low- and moderate-income residents.
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