Below are a variety of tools for housing developers that can be used to help in the creation of income restricted affordable housing.
Request for Proposals and Qualifications
The Austin Housing Finance Corporation (AHFC) regularly partners with non-profit and for-profit housing developers through a competitive solicitation process referred to as a Request for Proposal (RFP) or Request for Qualification (RFQ). These partnerships support affordable housing development of AHFC-owned properties with rental and owner-occupied housing reserved for low-income households.
AHFC & AHPFC Partnerships
The City of Austin Housing Department has both a Housing Finance Corporation entity and a Public Facilities Corporation entity that are used as tools for partnering with developers to create and maintain affordable housing by providing a 100% property tax exemption for residential properties owned by the entities. Each entity has different partnership criteria, funding strategies, and affordability targets.
Development Incentives and Agreements
The City of Austin may provide developers with incentives—such as fee waivers, density bonuses, tax incentives, and development agreements—to build and to set aside affordable rental and ownership housing for low- and moderate-income households in developments.
Federal and State Housing Development Funding
There are also several Federal and State funding sources and tools that allow for the construction or rehabilitation of income-restricted affordable housing, including Low-Income Housing Tax Credits (4% and 9%), Private Actvity Bonds, and Community Housing Development Organizations (CHDOs).
City of Austin Housing Development Funding
There are a variety of different funding sources (e.g. Housing Trust Fund, Project Connect, General Obligation Bonds) that the Austin Housing Finance Corporation (AHFC) uses to provide gap financing for rental and ownership income-resticted developments.
Next Steps for Developers after Loan Closure
Once an award has been received and the loan closed, there might be questions on how to obtain loan disbursements and comply with the loan agreement. The Housing Development Assistance (HDA) Compliance Team monitors projects awarded HDA funding as well as Developer Incentive Certifications and oversees loan disbursements and loan compliance.