Affordable Rental Community Development in Austin Filling Unmet Need

Austin has an unmet housing need, with estimates suggesting the development of at least 60,000 new units affordable to households earning no more than 80% of the area median family income by 2027. The Austin Business Journal reports that in order to meet this need, a 150-unit affordable housing community is being constructed in Coronado Hills neighborhood. This $40 million project will be called Cairn Point and is jointly developed by Austin Housing Finance Corp (AHFC), Caritas of Austin and Vecino Group. Construction on Cairn Point is expected to begin early this fall and could be completed by mid-2025; many units will offer discounts based on median family income levels for renters. Funding for the project comes from AHFC, American Rescue Plan Act funds as well as housing vouchers. Vecino Construction serves as both project contractor and general contractor for Cairn Point’s development efforts.