More than 202 new multifamily, affordable housing units will be created in Austin, thanks to a combination of $25.5 million in state low-income housing tax credits and $5.5 million in loans from City of Austin General Obligation bond funds.
The Texas Department of Housing and Community Affairs (TDHCA) announced on July 28 that two developments will receive tax credits to offset a portion of the federal tax liability in exchange for building affordable housing in Austin. On August 3, the city’s Austin Housing Finance Corporation (AHFC) followed suit by approving the use of the $5.5 million from the Affordable Housing Bond voters approved in 2013 for loans to those developments.
“These projects provide a terrific example of what is possible when the city employs innovative approaches to affordable housing. This is exactly the direction advocated by the recently adopted Strategic Housing Blueprint, which sets a goal to create 60,000 affordable units in the next decade through an integrated, multilevel strategy of policy initiatives and community partnerships,” said Rosie Truelove, Interim Director of Neighborhood Housing and Community Development.
The developments receiving support are:
A 132-unit apartment complex called The Jordan at Mueller (named after former U.S. Congresswoman and UT-Austin professor Barbara Jordan) will feature housing for people making between 30 and 60 percent of the Median Family Income (MFI). Fourteen of those units are reserved specifically for families at risk of homelessness. The complex will also have a learning center with afterschool and health programming. The Jordan at Mueller is being built by the non-profit developer, Foundation Communities, which was awarded $13.5 million in low-income housing tax credits, and a $4 million loan from the City of Austin General Obligation housing bonds.
The 70-unit Aria Grand apartment complex will provide new affordable rental housing units of one, two, and three bedrooms for residents with annual incomes at 30 percent, 50 percent, and 60 percent of MFI. Seven units will be accessible for persons with mobility disabilities, and at least two units for persons with hearing and sight disabilities, along with a clubhouse, fitness center, and cyber lounge. Saigebrook Development was awarded $12 million in tax credits, and a $1.5 million city loan.
“Creating affordable homes for people who earn low- and moderate-incomes is a good investment,” said Truelove. “Affordable homes are the cornerstone of our communities, and it is imperative that we do what we can to encourage this housing close to great schools, good jobs, quality healthcare and retail spaces.”
Communications and Public Information Office
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