AUSTIN (KXAN) — The Travis County Commissioners Court on Tuesday unanimously voted to approve $1 million for the Austin Community Foundation’s Housing Accelerator Loan Fund.
The fund is used to help housing developers access fast, flexible and low-cost capital to build more housing units faster, according to the press release.
The fund invests in different types of affordable housing from workforce housing to housing for the homeless to homeownership.
The county said the Austin Community Foundation to date has raised $18 million for the Housing Accelerator Fund from both public and private sources.
The press release said the Accelerator Loan is designed for long-term impact. Loan repayments by housing developers are recycled back into the fund. This one-time investment by Travis County will, therefore, support the financing of affordable housing developments in the county over the long term.
“Travis County has committed in recent years to take bold action to address the affordability crisis,” said Jeff Travillion, Travis County commissioner for Precinct 1. “This partnership with Austin Community Foundation is an important step in doing so, allowing for a much-needed and nimble approach to addressing financing gaps in the affordable housing space.”
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