Austin Housing Finance Corporation (AHFC) today approved moving forward with two projects to increase opportunities for affordable rental housing and home ownership in Austin.
AHFC allocated $10,715,000 to acquire approximately 8.95 acres in south Austin. The land will be used for the construction of between 240 and 480 multifamily units located at or near 1212 West Slaughter Lane. Funding was made available from the 2018 General Obligation Bond, which voters approved $250 million to increase the supply of affordable housing, $100 million of which was designated for land acquisition.
The location of the 1212 Slaughter property meets multiple goals identified in the City’s Strategic Housing Blueprint including being located an Imagine Austin Corridor with immediate access to a bus stop with routes traveling both east-west and north-south. The property is also adjacent to Casey Elementary School, and within two-thirds of a mile from Paredes Middle School, Mary Moore Searight Metropolitan Park, and an HEB grocery by walkable route.
AHFC will also partner with the City of Austin Parks and Recreation Department to dedicate up to 5 acres of the site as parkland.
In addition, AHFC agreed to purchase 20 single-family homes distributed across the city from the Housing Authority of the City of Austin (HACA) for $4,539,000. The homes are located in Council Districts 1, 2, 6, and 7 and once purchased will be rehabbed and sold to qualifying low- or moderate-income households under AHFC's Community Land Trust (CLT) Program.
Community Land Trusts are an alternate option to home ownership. Buyers purchase the building structure of the home, but lease the land on which it rests for a small monthly fee. By taking the cost of the land out of the real estate transaction, land trust homes are more affordable than houses on the open real estate market.
Benefits of the CLT program include long-term affordability, purchasing an affordable home in desirable neighborhoods, potential eligibility for down payment assistance, and affordable monthly mortgage payments.
Additional information regarding the properties—and the availability for purchase—will be available once the units have been fully renovated later this year.