The City of Austin Housing Department has announced the approval of over $46.1 million by the Austin Housing Finance Corporation (AHFC) for eight affordable housing projects across various districts. The funding, approved during board meetings in April, May, and September, aims to construct 728 affordable rental units for low- and moderate-income households.
The AHFC was established by the City of Austin as a nonprofit entity to provide housing solutions for residents with limited income. The recent funding will support the Rental Housing Development Assistance (RHDA) program. These units are expected to be available in the coming years in Districts 1, 3, 4, 7, and 9.
Deletta Dean, Director for the Housing Department, said that this investment is crucial for providing safe and affordable housing throughout Austin. “By building new communities and preserving existing ones, we can help residents stay rooted and reduce displacement pressures that threaten neighborhood stability,” she said.
Most of these developments will also benefit from federal Low-Income Housing Tax Credits (LIHTC), managed by the Texas Department of Housing and Community Affairs. This program allows developers to gain equity through tax reductions in exchange for creating low-income housing.
James May, Housing and Community Development Officer for the department, emphasized that these projects represent commitments to families needing affordable homes. “With the support of local partners, developers, and community organizations, we are expanding opportunity and strengthening Austin’s neighborhoods for the long term,” he noted.
Among the developments funded at earlier meetings were Bailey at Stassney in District 3 with $5.6 million approved from General Obligation bonds for a 104-unit project; Manor Apartments in District 1 with $5.7 million approved for a 181-unit community; The Bloom at Lamar Square in District 9 with $5.5 million allocated for a 56-unit development; and Lamar Square Phase 1 also in District 9 with $4.5 million approved for a 45-unit project.
In September’s meeting, four more projects received funding: Crossroads Redevelopment in District 7 was awarded $11.7 million; Pathways at Santa Rita Courts West in District 3 received approximately $5.9 million; St. George’s Court in District 4 was granted $1.7 million; and Waverly North in District 9 was awarded $5.5 million.
Looking ahead, changes are planned for future funding applications to streamline processes starting from July next year [https://www.austintexas.gov/department/housing]. A single annual Notice of Funding Availability will replace quarterly cycles beginning in 2025 to align better with tax credit deadlines [https://www.tdhca.state.tx.us/]. Additionally, application evaluation criteria will be revised to improve transparency.
Information from this article can be found here.
