Rosie Truelove, the director of the city of Austin Housing Department, recently expressed satisfaction in collaborating with the Austin Housing Finance Corporation and Affordable Central Texas as they work together to tackle the persistent challenges associated with affordable housing.
The Austin Housing Department announced the acquisition of a multi-family portfolio comprising seven existing multifamily apartment complexes and a small office building by AHFC, according to a June 27 news release. In collaboration with the non-profit ACT, the acquisition was made possible through the Austin Housing Conservancy Fund.
“This portfolio of properties demonstrates our commitment to preserving existing affordable – subsidized and naturally occurring – multi-family housing,” Truelove said in the release. “We are pleased to partner with AHFC and ACT as we continue to address the ongoing issues of affordable housing.”
The properties, totaling 234 units, mark AHFC's first acquisitions in council Districts 7 and 9, with many of them located within a quarter mile of the planned Project Connect system, the release reported. The rental rates for these properties will primarily target households earning less than 80% of the Median Family Income, providing affordable housing options for those with incomes as low as 50% of the MFI.
“ACT is a great partner with experience in transitioning multi-family complexes for long-term affordable housing,” Housing and Community Development Officer James May said in the release. “The city works with partners to more effectively address these challenges and reach our community’s affordability goals.”
AHFC partnered with ACT in December 2022 to purchase the $34.9 million portfolio, the release reported. AHFC reportedly contributed $14.9 million in 2018 General Obligation Bond funds to the portfolio. The Austin Housing Conservancy Fund, known as the Strike Fund, was created to meet moderate income housing needs in the Austin area.
“We are excited to continue to partner with AHFC to expand and preserve low and moderate-income rental housing in Austin,” Affordable Central Texas President Monica Medina said in the release. “Acquiring smaller properties close to transit, schools and local amenities near central Austin is vital to meeting the housing needs of essential Austinites.”