Austin Housing Conservancy, Austin Housing and Planning Department, and the Austin Housing Finance Corp. (AHFC) have joined forces to convert seven properties into affordable housing.
According to the Austin Business Journal, these properties range in size from 10 units to 109 units with three being on Avenue A. All of them are located within a quarter mile of public transit making them accessible for households earning less than 80 percent of median family income (MFI). Many units will also be available for those earning as low as 50 percent MFI.
The seller was Central Properties Inc., giving AHFC its first properties in this venture worth $34.9 million which is financed by nearly $15 million from AHFC’s general obligation bonds plus some debt financing from the conservancy along with more than $2 million allocated towards renovations that must be completed by 2025 end .
