As part of the effort to boost the construction of affordable housing in Austin, the Neighborhood Housing and Community Development Department is encouraging developers to submit proposals for the Rental Housing Development Assistance Program (RHDA) or Ownership Housing Development Assistance Program (OHDA) in line with the new Development Assistance Calendar.
The calendar consists for quarterly submission deadlines, with all completed applications received by the deadline to be reviewed and posted to the NHCD website. An internal panel will review each application qualitatively and produce an underwriting report to be shared with applicants along with an invitation to present their project to the City of Austin’s Housing Investment Review Committee (HIRC). The HIRC will then forward its report to the Executive Team that will make recommendations to the Austin Housing Finance Corporation (AHFC), which will review each request and make a determination at its regular meetings. The entire process will take roughly 100 days.
Project applications can be submitted at any time, but will be reviewed according to the quarterly timeline. The next deadline for applications for funding is Friday, April 26, and will be processed for review by the AHFC Board at their August 8 meeting.
Both the RHDA and the OHDA programs are important to affordable housing in Austin. RHDA promotes the building of affordable rental housing for low-income households and for persons experiencing homelessness or with special needs. OHDA funds private and nonprofit developers in acquiring, rehabilitating, and/or constructing affordable homeownership opportunities for low- to moderate-income homebuyers.
“Our goal is to establish the clearest and most efficient means for processing these applications in a timely manner,” said James May, a community development manager for NHCD. “We ask that applications be detailed as to all stages of the development process, so the City’s AHFC Board can consider the entirety of the project.”