City's Affordable Housing Program Moves Forward

Back on November 7, 2006, Austin voters approved Proposition 5, the issuance of $55 million in "tax supported General Obligation Bonds and Notes for constructing, renovating, improving, and equipping affordable housing facilities for low income persons and families, and acquiring land and interests in land and property necessary to do so, 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” (actual ballot language). This week, through the Austin Housing Finance Corporation (AHFC), the City of Austin released $2.2 million of these bonds to the Rental Housing Development Assistance Program to assist in financing affordable rental projects for low-income households. This is the first major installment from the $55 million bond package.

All parties interested in "developing and preserving affordable housing opportunities for low-income residents" are encouraged to fill out an application for funding, which are available on the AHFC website. Applications can also be picked up in person at the office of the Austin Housing Finance Corporation at 1000 East 11th Street, Ste. 200, Monday through Friday, 8am 'til 5pm. The deadline for submitting bond funding applications is September 18.

The bond funds are available for projects that target households earning at or below 30% of Austin's median family income - $24,900 for individuals and $35,550 for the typical family of four - and may not be given to households earning over 50% of these median income levels. The funds are to be used for such activities as new construction, the improvement and enhancement of affordable rental housing as well as real property acquisition.

This is the first program of its kind in Austin.

Image of downtown Austin courtesy of Silent Z on flickr