General Obligation Affordable Housing Bond Expenditures
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2022 General Obligation Bond
In 2022, City of Austin voters authorized a total of $350 million, for planning, designing, acquiring, constructing, renovating, improving and equipping affordable housing facilities for low and moderate-income persons and families, and acquiring land and interests in land and property necessary to do so, funding loans and grants for affordable housing, and funding affordable housing programs, as may be permitted by law; and the levy of a tax sufficient to pay for the bonds and notes.
2018 General Obligation Bond
In 2018, voters approved an additional $250 million in GO Bonds for the creation, rehabilitation, and retention of affordable rental and ownership housing. The contract with the voters resolution allocated $250 million in four categories: $100 million for land acquisition to include affordable housing development; $94 million for Rental Housing Development Assistance (RHDA) as identified by the Strategic Housing Blueprint; $28 million for the Ownership Housing Development Assistance (OHDA) for affordably priced ownership housing for income-eligible households; and $28 million for the Home Repair Program for minor home repairs and rehabilitation throughout the community in partnership with nonprofit organizations.
As of September 1, 2022, 2018 GO Bond funding commitments totaled $209,798,464.40, with the remaining balance of the 2018 GO Bonds at $34,047,308.53, as shown in the summaries below. The first provides a summary overview of expenditures, the graph shows how funds were distributed among programs. It is expected that the balance will support two more recommendations for Rental Housing Development Assistance funding totaling $10 million, and one additional acquisition totaling $20 million, thus spending down the remainder of the 2018 Bond.
2018 GO Bond for Affordable Housing Spend Plan by Project
2013 General Obligation Bond
In 2013, Austin voters approved a $65 million General Obligation Bond (GO Bond) to fund affordable housing development for Austin’s homeless and low-income families. As of August 3, 2022, expenditures for the 2013 GO Bond appropriation totaled $64,970,652, leaving a remaining balance of $24,411.00 (see summary below). The remaining balance will be drawn down in the 2021-22 Fiscal Year to meet the remaining expenses for administering the 2013 GO Bond program.
2006 General Obligation Bond
In 2006, Austin voters approved a $55 million GO Bond to fund more than 2,569 affordable rental and homeownership units. Nearly 40 percent of the bonds were used to create or retain housing for persons with low-wage jobs, disabilities, or who might otherwise be homeless. Roughly 25 percent of the funding went to first-time homebuyers and home repair programs. The remaining 35 percent served low-income seniors, persons with mobility impairments, children who were abused or neglected, and persons with mental illness.
Affordable Housing Performance Outcomes for GO Bonds Over the Past Decade
The tables below show performance outcomes for the Rental Housing Development Assistance and Ownership Housing Development Assistance programs by fiscal year. The 2013 and 2018 GO Bonds are represented in these numbers, but funding for these programs are integrated with other sources (i.e., Housing Trust Fund, Local Funds, federal grants) to maximize the leverage the City can apply when creating and preserving affordable housing.
The data comes from the Consolidated Annual Performance and Evaluation Reports (CAPER) that the City submits annually to the U.S. Department of Housing and Urban Development (HUD). The tables show the number of income-qualified households served, as well as demographics of participants based on income eligibility, race and ethnicity, age, diagnosis of a disability, and whether they are a female head of household.
Rental Housing Development Assistance, Fiscal Years 2013-2020
Ownership Housing Development Assistance, Fiscal Years 2013-2020
Home Repair Performance Outcomes for 2013 and 2018 GO Bonds
The Housing and Planning Department administers a variety of home repair programs for low- and moderate-income homeowners. The table below identifies project outcomes for the Architectural Barrier Removal, Minor Home Repair, Homeowner Rehabilitation Loan, Lead Hazard Reduction, Healthy Homes, Holly Good Neighbor, and GO Repair! programs by fiscal year. The data is taken from the Consolidated Annual Performance and Evaluation Reports (CAPER) that the Housing and Planning Department is required to submit annually to HUD.
Home Repair Program, Fiscal Years 2013-2020
Land Acquisitions from 2018 General Obligation Bonds
Land acquired through the 2018 General Obligation Bond has been purchased periodically since 2019. Acquisitions included nearly 60 acres of vacant land, as well as three hotels for conversion to Permanent Supportive Housing. The Community Land Trust portfolio expanded from 15 to more than 29 planned homes. The table below indicates the properties purchased, the expenditures from the 2018 GO Bond, and the date that the Austin Housing Finance Corporation approved the purchase.
Land Acquisitions - 2018 GO Bond
2018 GO Bond for Affordable Housing by Year of Completion (est.)
The realities for the time and resources necessary for affordable housing development, including the time it takes for a development to assemble financing and move through permitting and construction, mean that the progress on units funded by the 2018 GO Bond will generally take time. As demonstrated in the graphs below, units funded by the 2018 GO Bonds are in the construction pipeline in the next few years. We estimate these units could double the number of units that have been funded and developed since FY13-14.
