Approximately $62 million available for Housing Development Assistance
Austin, Texas — Austin Housing Finance Corporation (AHFC) would like to invite the development community to apply for financial assistance through our Rental Housing Development Assistance (RHDA) and Ownership Housing Development Assistance (OHDA) programs. AHFC recognizes the dramatic increase in development costs over the last year and acknowledges that affordable housing developers are often challenged by these sharp increases. To meet these challenges, AHFC is proud to announce the availability of approximately $62 Million to be awarded through these programs.
In October 2021, Austin City Council allocated the final two years of General Obligation Bonds for the R/OHDA programs. RHDA has approximately $25 Million available and OHDA has approximately $4 Million.
Council has approved the allocation of $21 Million from Project Connect for R/OHDA projects. The available funds add to other anti-displacement initiatives and advance the city’s commitment to key housing challenges and to reducing transit-induced displacement pressures as part of Project Connect. Projects must be within one mile of a Project Connect transit corridor and include a policy for tenant or owner selection to prioritize persons that have been or are currently at risk of displacement. Developers wishing to access this fund must complete the Racial Equity component of the R/OHDA application.
AHFC will also provide access to several other local, geographically restricted funds, such as the Homestead Preservation District Tax Increment Reinvestment Zone (HPD TIRZ) with approximately $5 Million, the University Neighborhood Overlay district (UNO) with approximately $1 Million, and other Transit-Oriented Developments (TODs) with approximately $2 Million. To complement these local funds, AFHC will award approximately $360,000 in federal HOME funds to eligible projects sponsored by Community Housing Development Organizations (CHDOs).
Lastly, Council allocated $2.25 Million for developments that agree to use the Preference Policy for individuals experiencing displacement. As we enter this final R/OHDA application cycle for the fiscal year, AHFC hopes to deploy as much of these funds as possible for the construction of affordable housing.
For more information, visit AustinTexas.gov/HPD.
About 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.
About Housing and Planning Department
The Housing and Planning Department provides resources related to planning, zoning, housing, and community development to enhance the quality of life of all Austinites. Equitable, efficient, and comprehensive planning with displacement prevention as a prioritized focus is the Department’s core charge in delivering housing services to the community.