The 'Affordability Unlocked' Development Bonus Program waives or modifies some development restrictions in exchange for providing low- and moderate-income housing. The program is designed to increase the number of affordable housing units being developed in Austin and fully leverage public resources by allowing housing providers to build more units in their developments when significant amounts of affordable housing are included.
Affordability has become a crucial issue in Austin. Increasing numbers of homeowners facing financial pressures—in both the short or long term— that may be pushing them into hard decisions: missing mortgage payments, facing foreclosure, falling behind on property taxes, or considering selling their homes and moving someplace else.
Risks of Selling to a Home Flipper
The City of Austin has an opportunity to help an underserved East Austin community create a vibrant plan for more than 200 publicly-owned acres in Colony Park.
The Neighborhood Housing and Community Development Office (NHCD) administers policies and supports nonprofits that take actions to affirmatively further fair housing choice and fair lending practices.
The Neighborhood Housing and Community Development Department and the Austin Housing Finance Corporation (AHFC—a public, nonprofit corporation of the City of Austin) use funding tools and regulatory incentives to encourage both for-profit and non-profit developers to create affordable housing. Both funding and/or regulatory incentives support developers to create affordable multi-family or single-family housing.
The Austin Housing Trust Fund supports the development and rehabilitation of owner occupied homes, rental housing development, and acquisition of property for use as affordable housing.
The Austin City Council dedicates 40 percent of City property tax revenues from the developments that have been built on previously City-owned land towards affordable housing. The Trust Fund was established in 1999, and the City Council seeded the fund with $1 million annually for three years to jumpstart it.
Long-term housing generally refers to home ownership, whether it be individual homes or subdivisions, or multi-unit properties (e.g., duplexes, condominiums, etc.). Availability of reasonably priced housing can be important to ensuring the affordability in communities citywide. The City of Austin strategically provides resources to help in the construction and preservation of such housing, as outlined below:
Buying a home can be one of the most important financial transactions a person makes in their lives. Choosing the right mortgage lender and real estate professionals is essential to that transaction. Unfortunately, some unscrupulous individuals and institutions, including mortgage brokers, real estate appraisers, or real estate agents, may take advantage of vulnerable homebuyers by misleading them about key information like the value of the home to be purchased or the terms of the loan.
Commercial revitalization creates opportunities in the East 11th Street and 12th Street corridors, which has led to an improved and culturally rich area. Businesses located in the two commercial/retail buildings provide services and opportunities for private investment.
Ending homelessness with a sensible, safe, stable housing approach.
NHCD’s Planning, Policy and Outreach (PPO) division works city-wide planning initiatives to increase housing affordability and conducts community outreach, educational forums, citizen engagement, and research on housing and community development issues impacting the City of Austin.
NHCD utilizes qualified housing and/or HVAC contractors for the Housing Rehabilitation, architectural barrier removal, and sewage drain lateral lines. NHCD’s Construction Division also conducts HQS (Housing Quality Standards) and Lead Inspections as part of the DPA and home repair programs. The division also oversees home rehabilitation/repairs and all new construction that NHCD/AHFC funds.
Neighborhood Housing and Community Development (NHCD) manages a number of programs and partnerships with area homebuilders and nonprofit agencies to help eligible Austinites achieve home ownership. Programs include:
The City has several programs for homeowners needing affordability and renovation assistance to stay in their homes and to avoid foreclosure.
If you are looking for help paying rent or utilities or a reasonably priced apartment in Austin, please visit the following sites for assistance.
The Neighborhood Housing and Community Development Office (NHCD) is committed to providing continued employment opportunities for low- and very low-income individuals through its Section 3 Plan, which sets forth policies and procedures that comply with Federal, State and local regulations.
The City offers many services for small businesses in the Austin community from technical assistance to loan services to enhance the success of growing small businesses and encourage the creation of jobs for low- to moderate-income households.
NHCD manages a number of projects for the Austin community, including acting as receiving agent for U.S. HUD funding, directing commercial and urban revitalization to underserved areas, and improving the quality of life for the community.