Over $21 Million Approved for 5 New Affordable Housing Developments 

Investments advance Austin’s long‑term strategy to increase and preserve affordable homes.

AUSTIN, TX – Austin Housing is pleased to announce that Austin City Council and the Austin Housing Finance Corporation (AHFC) have approved more than $21 million to support five local affordable housing developments. The proposed investments will help advance Austin’s goals to increase housing opportunities for low‑ and moderate‑income residents in high opportunity areas and strengthen community‑serving development partnerships.

At its October 22 meeting, the Austin Housing Finance Corporation (AHFC) considered funding recommendations totaling more than $21 million to support the creation of new affordable rental housing across the city. The recommended developments—Rowen Vale, The Lenora, The Maven, Jordan II, and Austin Art Village—represent collaborations with development partners committed to expanding Austin’s affordable housing supply.

“Affordable housing is essential infrastructure for a thriving city. These funding recommendations demonstrate how strategic public investment, paired with strong partnerships, can deliver lasting community benefits,” says Nicole Joslin, Housing and Community Development Officer for Austin Housing. “We’re proud to support developments that will provide long‑term affordability and expand access to housing across Austin.”

Earlier this year, four of these developments sought and received resolutions of support from Austin City Council to apply for 9% Low-Income Housing Tax Credits (LIHTC) from the State of Texas and have since secured LIHTC funding. These developments are Rowen Vale, The Lenora, The Maven, and Jordan II. 

“AHFC is excited to recommend these five proposed developments for funding. In particular, this funding round includes proposals which promote affordable housing in areas of high opportunity and near high-frequency transit, including the proposed Project Connect light rail, with 54 deeply-affordable units proposed at or below 30% MFI,” says Brendan Kennedy, Housing Division Manager for Austin Housing. 

Developments Receiving Funding

The following developments were awarded funding through the Rental Housing Assistance (RHDA) program at the October 22 AHFC meeting: 

Rowen Vale 
Rowen Vale, is located in District 9 at 206 E. Annie St. Plans call for the construction of 64 affordable multifamily housing units. The development was awarded $4.32 million from the Austin Housing Finance Corporation (AHFC) FY26-27 Capital Budget, using 2022 General Obligation (GO) bonds. O-SDA Industries will be the developer. The property is located within a quarter of a mile of a planned Austin Light Rail Phase 1 stop and in a High Opportunity Area (an area where people would most likely benefit from high levels of access to employment, high performing schools, fresh and healthy foods, etc.) as shown in the RHDA/OHDA program Opportunity Map series. The proposed development will have a 45-year affordability period.

• 7 units will be available for rent to households earning at or below 30% MFI,

• 29 units will be available for rent to households earning at or below 50% MFI,

• 23 units will be available for rent at 60% MFI, and

• 5 units will be available for rent at 80% MFI

The Lenora 
The Lenora, is located in District 5 at 4507 Menchaca Road. Plans call for the development of a 39-unit multifamily community. The development was awarded $2.64 million from AHFC’s FY26-27 Capital Budget, using 2022 General Obligation (GO) bonds. The property is located within half a mile walking distance of high-frequency transit and in a High Opportunity Area. Overland Property Group will be the developer. The proposed development will have a 45-year affordability period. 

• 4 units will be available for rent at or below 30% MFI,

• 18 units will be available for rent at or below 50% MFI,

• 14 units will be available for rent at or below 60% MFI, and

• 3 units will be available for rent at or below 80% MFI

The Maven 
The Maven, is located in District 4 at 618 E. Highland Mall Blvd. and Middle Fiskville Road. The development was awarded $5.2 million via AHFC’s FY26-27 Capital Budget, using 2022 General Obligation (GO) bonds. Plans call for the construction of an 83-unit affordable and market-rate multifamily community. The property will include one, two and three-bedroom units, some of which will be accessible for residents with mobility and sensory impairments. The developer will be DMA Development. The proposed development will have a 45-year affordability period.

• 7 units will be available for rent at or below 30% MFI,

• 38 units will be available for rent at or below 50% MFI,

• 10 units will be available for rent at or below 60% MFI, 

• 15 units will be available for rent at or below 70% MFI, and

• 13 units will be available with no income restrictions

Jordan II 
Jordan II, is located in District 9 at 2701 ½ Philomena St. Plans call for the construction of a 66-unit affordable multifamily development. The development was awarded a total of $7.92 million from the AHFC Capital Budget using 2022 General Obligation (GO) bonds. The proposed community will include a mix of one-, two-, three and four-bedroom units and have a 40-year affordability period. The developer is Foundation Communities. The property is located within half a mile walking distance of two Project Connect-funded CapMetro Rapid bus lines, routes 800 and 837.

• 27 units will be available for rent at or below 30% MFI, and

• 39 units will be available for rent at or below 50% MFI

Austin Art Village 
Austin Art Village, is located in District 1, at 1902 East 22nd Street. The development was awarded a total of just over $1 million from AHFC’s FY26-27 Grant Operating Budget, using HOME CHDO funding. Plans call for the construction of a 9-unit multifamily community. Blackland Community Development Corporation is the developer. Units will be marketed with a preference for local artists.

• 9 units will be available for rent at or below 30% MFI 

How Funding Works

Housing Development Assistance funding provides gap financing for the creation or preservation of affordable housing. This program utilizes multiple funding sources, including General Obligation bonds, Project Connect Anti-Displacement funding, density bonus fees-in-lieu, HOME Community Housing Development Organization (CHDO) funds, and Homestead Preservation District Tax Increment Financing. 

Gap financing comes in the form of low-interest loans which are typically leveraged alongside outside funding sources. The HDA program funds units affordable to households earning at or below 50% MFI for rental and 80% MFI for ownership. Funds are awarded through a competitive process following underwriting and review.

These local investments complement other funding sources like Low-Income Housing Tax Credits (LIHTC) which provides approximately $12 billion (per the U.S. Department of Housing and Urban Development) in annual budget authority to support the production and preservation of affordable rental homes.  

Eligible applicants include qualified 501(c)(3) non-profit organizations, affordable housing developers, Community Housing Development Organizations (CHDOs), and public housing authorities. For more information, visit the Housing Development Assistance Programs page.  

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About Austin Housing 
Austin Housing creates and preserves housing opportunities to stabilize communities. To access affordable housing and community resources that help you, visit www.austintexas.gov/housing.

About the Austin Housing Finance Corporation  
The Austin Housing Finance Corporation (AHFC) was created as a public, non-profit corporation and instrumentality of the City of Austin. The mission of the AHFC is to generate and implement strategic housing solutions for the benefit of low- and moderate-income residents of the City of Austin.