City of Austin
FOR IMMEDIATE RELEASERelease Date: Sep. 29, 2025
Contact: Tamarind Phinisee 5129742271 Email
Investments build on Austin’s commitment to expanding housing opportunities and preserving affordability citywide
AUSTIN, TX – AUSTIN, TX – The City of Austin Housing Department is excited to announce that more than $46.1 million has been approved by Austin Housing Finance Corporation (AHFC) Board meetings in April, May and September of this year for eight affordable housing developments in Districts 1, 3, 4, 7 and 9. The AHFC was created by the City of Austin as a nonprofit corporation to implement housing solutions to serve low- and moderate-income residents.
The funding from AHFC supports the Rental Housing Development Assistance (RHDA) program and will aid in the construction of 728 affordable rental units for households earning at or below 30-, 50- and 60-percent of the median family income (MFI). The units are expected to come online over the next several years. One of these communities are slated for District 1, two for District 3, one for District 4, one for District 7 and three for District 9.
“This investment is a major step in advancing Austin’s vision of safe, stable, and affordable housing in every part of our city,” says Deletta Dean, Director for the Housing Department. “By building new communities and preserving existing ones, we can help residents stay rooted and reduce displacement pressures that threaten neighborhood stability.”
Funding for construction of seven of these developments will be offset, in part, by federal Low-Income Housing Tax Credit (LIHTC) program, which is administered by the Texas Department of Housing and Community Affairs (TDHCA). These credits allow housing developers toto generate equity through a reduction of federal tax liability in exchange for building low-income rental housing projects.
“These developments are more than buildings—they’re commitments to families, seniors, and individuals who deserve affordable housing,” says James May, Housing and Community Development Officer for the Housing Department. “With the support of local partners, developers, and community organizations, we are expanding opportunity and strengthening Austin’s neighborhoods for the long term.”
The following developments were awarded funding at the April 10th and May 8th AHFC meetings:
Bailey at Stassney
Bailey at Stassney is located in District 3 at or near 400 and 404 West Stassney Lane. The development was approved for $5.6 million from 2022 General Obligation (GO) bonds for the development of a 104-unit multifamily community. The affordability period will be for 45 years.
- 21 units will be affordable at or below 30% Median Family Income (MFI);
- 63 units will be affordable at or below 50% MFI;
- 20 units will be affordable at or below 60% MFI; and
- 26 units will be Continuum of Care (COC) units.
Manor Apartments
Manor Apartments is located in District 1 at or near 6721 Manor Road and was approved for $5.7 million from 2022 General Obligation bonds for the development of a 181-unit multifamily community. The affordability period is for 40 years.
- 18 units will be affordable at or below 30% Median Family Income (MFI);
- 72 units will be affordable at or below 50% MFI;
- 89 units will be affordable at or below 60% MFI; and
- 2 units will be available for rent at market rate.
The Bloom at Lamar Square
The Bloom at Lamar Square is located in District 9 at or near 1326 and 1328 Lamar Square Drive. It received $5.5 million from 2022 General Obligation bonds for the development of 56-unit multifamily housing development. The affordability period is for 40 years.
- 15 units will be affordable at or below 30% Median Family Income (MFI);
- 36 units will be affordable at or below 50% MFI; and
- 5 units will be affordable at or below 60% MFI.
Lamar Square Phase 1
Lamar Square Phase 1 is located in District 9 at or near 1326 and 1328 Lamar Square. This development was approved for $4.5 million from 2022 General Obligation bonds for the development of a 45-unit multifamily community. The affordability period is for 40 years. It will not be utilizing low-income tax credits.
- All 45 units will be affordable at or below 30% Median Family Income (MFI).
The AHFC Board also approved 4 more developments at the September 25th meeting:
Crossroads Redevelopment
Crossroads Redevelopment is located in District 7 at or near 8801 McCann Dr. It was awarded $11.7 million – $7,500,000 from 2022 General Obligation Bonds and $4,200,000 from the North Burnet Gateway – to redevelop an existing 92-unit multifamily housing property into a 110-unit multifamily housing community. The community will be located within a half mile of high frequency transit. The affordability period is 99 years for 14 units at 30 percent MFI that previously received AHFC funding, and 40 years for the remaining 96 units.
- 22 units will be affordable at or below 30% MFI;
- 83 units will be affordable at or below 50% MFI; and
- 5 will be affordable at or below 60% MFI.
Pathways at Santa Rita Courts West
Pathways at Santa Rita Courts West is located in District 3 at or near 2210 E. 2nd St. and was approved for approximately $5.9 million from multiple funding sources including 2022 GO Bonds, the Housing Trust Fund and Homestead Preservation District Tax Increment Financing for the redevelopment costs of an existing 44-unit housing development and new construction of 52 units for a total of 96 multifamily housing units. The proposed development is in a displacement risk area and is a reconstruction of an existing affordable housing community. An affiliate of the Austin Affordable Housing Corporation will be the sole member of the general partner and the landowner, thereby allowing for a full property tax exemption. The proposal calls for the creation of 96 affordable units. The affordability period is 45 years.
- 10 units will be affordable at or below 30% Median Family Income (MFI);
- 39 units will be affordable at or below 50% MFI; and
- 47 units will be affordable at or below 60% MFI.
St. George’s
St. George’s Court (At-Risk Set-Aside) is located in District 4 at or near 1443 Coronado Hills. AHFC awarded $1.7 million for the rehabilitation of an existing affordable housing community which would rehabilitate 60 units for senior living. The community is in a displacement risk area and within half a mile walking distance of high-frequency transit. The affordability period is 45 years.
- 6 units will be affordable at or below 30% Median Family Income (MFI);
- 24 units will be affordable at or below 50% MFI; and
- 30 units will be affordable at or below 60% MFI.
Waverly North
Waverly North located in District 9 at or near 3710 Cedar St. It was awarded $5.5 million for the rehabilitation of an existing 76-unit affordable multifamily community. Funding included $2.227M in Project Connect Anti-Displacement funds and $3.273M in 2022 General Obligation Bond financing. The community is in a high opportunity area and within half a mile walking distance of high-frequency transit. The affordability period is 45 years.
- 17 units will be affordable at or below 30% Median Family Income (MFI);
- 20 units will be affordable at or below 50% MFI;
- 27 units will be affordable at or below 60% MFI; and
- 12 units will be affordable at or below 80% MFI.
Upcoming Funding Application Changes
Area partners interested in working with the city to develop affordable housing projects are encouraged to apply for gap financing via the RHDA and OHDA programs. As part of the Housing Department’s new streamlined process, which began with the launch of the funding notices on July 11, some key improvements have been made
- Simplified Funding Process: Beginning in 2025, AHFC will transition from a quarterly funding cycle to a single annual Notice of Funding Availability (NOFA), streamlining application timelines for developers.
- More Strategic Funding Rounds: Applications will be accepted twice per year to better align with important tax credit deadlines, making it easier for developers to coordinate state and federal financing resources.
- Clearer Evaluation Criteria: A redesigned, three-stage application evaluation process will enhance transparency and ensure that only strong proposals meeting affordability goals advance.
- Greater Transparency: Updated program guidelines, scoring rubrics, funding availability and loan terms will be publicly available, helping developers and the community understand funding decisions.
As such, there will now be two deadlines for application submission which will align with the current LIHTC cycles.
- October 24, 2025: Submission deadline for 4% Low-Income Housing Tax Credit proposals. Ownership developments and rental developments without tax credits are also eligible to submit.
- May 1, 2026: Submission deadline for 9% Low-Income Housing Tax Credit proposals. Ownership developments and rental developments without tax credits are also eligible to submit.
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 the City of Austin Housing Department
The City of Austin Housing Department provides equitable and comprehensive housing solutions, community development, and displacement prevention services to enhance the quality of life of all Austinites. To access affordable housing and community resources, 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.