Austin approves $46.1M to build affordable housing and preserve developments

AUSTIN, Texas — The City of Austin Housing Department announced on Monday that the Austin Housing Finance Corporation (AHFC) Board has approved over $46.1 million for eight affordable housing projects across Districts 1, 3, 4, 7, and 9.

The funding from the 2022 General Obligation Bonds, approved in meetings held on April 10, May 8, and September 25, will support the construction of 728 affordable rental units for households earning at or below 30%, 50%, and 60% of the median family income (MFI).

“This investment is a major step in advancing Austin’s vision of safe, stable, and affordable housing in every part of our city,” said Deletta Dean, director of the Housing Department.

The developments aim to help residents stay rooted and reduce displacement pressures.

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The AHFC, a nonprofit corporation created by the city, will utilize the federal Low-Income Housing Tax Credit (LIHTC) program to offset construction costs for seven of the developments. James May, Housing and Community Development Officer, emphasized the importance of these projects, stating, “These developments are more than buildings—they’re commitments to families, seniors, and individuals who deserve affordable housing.”

Among the approved projects are:

Bailey at Stassney in District 3

• 21 units will be affordable at or below 30% Median Family Income (MFI);
• 63 units will be affordable at or below 50% MFI;
• 20 units will be affordable at or below 60% MFI; and
• 26 units will be Continuum of Care (COC) units.

Manor Apartments in District 1

• 18 units will be affordable at or below 30% Median Family Income (MFI);
• 72 units will be affordable at or below 50% MFI;
• 89 units will be affordable at or below 60% MFI; and
• 2 units will be available for rent at market rate.

The Bloom at Lamar Square in District 9

• 15 units will be affordable at or below 30% Median Family Income (MFI);
• 36 units will be affordable at or below 50% MFI; and
• 5 units will be affordable at or below 60% MFI.

Lamar Square Phase 1 in District 9

• All 45 units will be affordable at or below 30% Median Family Income (MFI).

Crossroads Redevelopment in District 7

• 22 units will be affordable at or below 30% MFI;
• 83 units will be affordable at or below 50% MFI; and
• 5 will be affordable at or below 60% MFI.

Pathways at Santa Rita Courts West Redevelopment in District 3

• 10 units will be affordable at or below 30% Median Family Income (MFI);
• 39 units will be affordable at or below 50% MFI; and
• 47 units will be affordable at or below 60% MFI.

St. George’s Rehabilitation in District 4

• 6 units will be affordable at or below 30% Median Family Income (MFI);
• 24 units will be affordable at or below 50% MFI; and
• 30 units will be affordable at or below 60% MFI.

Waverly North Rehabilitation in District 9

• 17 units will be affordable at or below 30% Median Family Income (MFI);
• 20 units will be affordable at or below 50% MFI;
• 27 units will be affordable at or below 60% MFI; and
• 12 units will be affordable at or below 80% MFI.

Each development has specific affordability periods and income requirements, ensuring long-term housing solutions for low- and moderate-income residents.

The city is also encouraging area partners to apply for gap financing through the Rental Housing Development Assistance (RHDA) and Ownership Housing Development Assistance (OHDA) programs.

Starting in 2025, AHFC will streamline its funding process with a single annual Notice of Funding Availability (NOFA) and clearer evaluation criteria to enhance transparency and align with tax credit deadlines.