AUSTIN, TX— The City of Austin Housing Department celebrates the Housing Accelerator Loan Fund, managed by Austin Community Foundation, which provides rapid financing at low interest rates to help increase affordable housing in Central Texas. In 2024, the Austin Housing Finance Corporation (AHFC) Board approved a $5 million loan to the Austin Community Foundation, bringing the growing fund to $16.4M. The Housing Accelerator Loan Fund gives affordable housing developers low-cost loans for short-term needs such as pre-development, land purchases, and bridge financing.

"We are proud to support the Housing Accelerator Loan Fund, a key initiative that aligns with our shared commitment to creating and preserving affordable housing opportunities in Austin,” explains Mandy DeMayo, Interim Director of the Housing Department and AHFC Treasurer. “By partnering with Austin Community Foundation and other stakeholders, we expand the reach of our community impact to address housing challenges and create opportunities for long-term affordability."

The Housing Accelerator Loan Fund has successfully disbursed eight loans to date, totaling more than $13.5 million. These investments will support the construction of over 1,000 new affordable housing units in the Austin area, addressing the growing need for affordable housing options.

Current partners in the fund include the City of Austin, Hazoor Partners, JPMorganChase, NI, Shield-Ayres Family Foundation, St. David’s Foundation, Tito’s Handmade Vodka, Austin Ventures Charitable Fund, the Jamie Goode Charitable Fund, and other donor-advised fundholders at Austin Community Foundation.

“This early success of the Housing Accelerator Loan Fund shows how working together—across philanthropic, government, and private sectors—can make a greater impact in addressing Central Texas’ housing affordability crisis,” said Mike Nellis, CEO of Austin Community Foundation. “We’re encouraging others to get involved and support this effort, so we can continue to meet the high demand for fast, flexible financing from affordable housing developers.”

Current Housing Accelerator Loan Fund Investments

Cady Lofts

Cady Lofts, located at 1004/1008 East 39th Street in District 9, is a 100-unit permanent supportive housing community serving individuals earning at or below 30% of the area median income (AMI) and households with incomes between 30% and 60% AMI. The property will offer onsite services for people transitioning out of homelessness.

The site utilized the City of Austin’s Affordability Unlocked Program and 9% Low-Income Housing Tax Credits (LIHTC). It also received a $7.2 million loan from the City’s Rental Housing Development Assistance (RHDA) Program and a $2 million construction loan at a 2.5% rate with a 2-year term through the Housing Accelerator Fund. Other financial partners include the Texas Department of Housing and Community Affairs (TDHCA) and the Housing Authority of the City of Austin (HACA).

Cady Lofts was developed by SGI Ventures with consultants Saigebrook Development & O-SDA Industries and is owned by the Austin Affordable Housing Corporation (AAHC). Construction began in 2023 and is anticipated to be completed in Spring 2025. 

Lamar Square

Lamar Square, located at 1326/1328 Lamar Square Drive in District 9, is an affordable housing community serving individuals with intellectual disabilities and households earning at or below 60% of the median family income (MFI). The property will include a Learning Center for youth after-school and summer education, adult education, and fitness classes. It will also include on-site case management, a Healthy Food Pantry, and a park area with outdoor amenities.

The site received a $5,446,471 million loan from the City of Austin’s Rental Housing Development Assistance (RHDA) Program and a $2 million land acquisition loan at a 2.5% rate with a 2-year term through the Housing Accelerator Fund. Funding will go towards building 400 new units and rehabilitating 200 existing units.

Lamar Square comprises four communities – developed by Foundation Communities and owned by the Mary Lee Foundation in partnership with the Austin Housing Finance Corporation (AHFC). Construction will likely begin in fall 2025.

Cameron Senior Housing

Cameron Senior Housing, located on Cameron Road in Northeast Austin, will provide 74 one-bedroom apartments serving households earning between 30% and 80% of the area median income (AMI) and include services that enable aging residents to live independently for as long as possible. The site received a $1 million land acquisition loan at a 2.5% rate with a 2-year term through the Housing Accelerator Fund.

National Church Residences, the property’s developer and owner, is one of the country's largest senior affordable nonprofit developers. It has 40 properties in Texas, including several in the Austin area. 

Sunset Ridge Apartments

Sunset Ridge, located at 8413 Southwest Parkway in District 8, is a mixed-income community that will provide a total of 438 rental units, with 222 units for households earning between 50% and 80% of the area median income (AMI). The property will be the only rent-restricted housing in District 8, nearly doubling the number of affordable units in the area.

The site received a $8.885 million loan from the City of Austin’s Rental Housing Development Assistance (RHDA) Program and a $1 million pre-development loan at a 3% rate with a 1-year term through the Housing Accelerator Fund. It will utilize the City’s Affordability Unlocked Program and 4% Low-Income Housing Tax Credits (LIHTC).

Manifold Development will develop Sunset Ridge with partners JSA Development and Travis County Housing Finance Corporation. 

Willows Crossing

Willows Crossing, located at 5901 Drowsy Willow Trail in District 2, will provide 38 units for home ownership, serving individuals earning at or below 80% of the area median income (AMI).  

The site received a $7.752 million loan from the City of Austin’s Ownership Housing Development Assistance (OHDA) Program and a $0.6 million pre-development loan at a 3% rate with a 1-year term through the Housing Accelerator Fund. It will also utilize the City of Austin’s Affordability Unlocked Program and S.M.A.R.T. Housing Program. 

Willows Crossing will be developed through a public-private partnership between the Austin Housing Finance Corporation and Industry ATX and the affordable homeownership units will become part of the AHFC Community Land Trust. Construction is expected to begin in Summer 2026 and is anticipated to be completed in Summer 2028. 

Persimmon Point

Persimmon Point, located at 7051 Meadow Lake Boulevard in District 2, will provide 126 units for home ownership, serving individuals earning at or below 80% of the area median income (AMI). The property will be less than one mile from a new Project Connect Line.

The site received a $12 million loan from the City of Austin’s Ownership Housing Development Assistance (ODHA) Program and a $3 million bridge loan at a 3% rate with a 2-year term through the Housing Accelerator Loan Fund. It will utilize the City’s S.M.A.R.T. Housing Program. Persimmon will be developed and owned by Austin Habitat for Humanity.

The Sasha

The Sasha, located at 1325 Grove Boulevard in District 3, will provide 60 rental units between 30% and 60% of the median family income (MFI) for survivors of domestic violence.

The site received a $8.495 million loan from the City of Austin’s Rental Housing Development Assistance (RHDA) Program and a $2 million construction loan at a 2.5% rate with a 2-year term. It will utilize the City’s Affordability Unlocked Program, S.M.A.R.T. Housing Program, and 9% Low-Income Housing Tax Credits (LIHTC).

The Sasha will be developed and owned by The SAFE Alliance (SAFE) Affordable Housing Corporation with partner DMA Development Company. Construction will begin in Spring 2025 and is anticipated to be completed in Spring 2027. 

Bailey at Berkman

Bailey at Berkman, located at 6405 Berkman Drive in District 4, will provide 104 efficiency units serving households at or below 60% of the area median income (AMI) with 26 dedicated permanent supportive housing (PSH) units for individuals experiencing chronic homelessness or at risk of homelessness. The property will be less than one mile from a high-frequency transit stop and offer on-site support services provided by the Hope Through Housing Foundation.

The site received a $5.5 million loan from the City of Austin’s Rental Housing Assistance (RHDA) Program and a $1 million acquisition loan at a 2.5%rate with a 1-year term through the Housing Accelerator Loan Fund. It will utilize the City’s Affordability Unlocked Program and 9% Low-Income Housing Tax Credits (LIHTC).

Bailey at Berkman will be developed and owned by National Community Renaissance of Texas_ with partner Diva Imaging LLC and consultant Structure Development. Construction is expected to begin in Summer 2025 and is anticipated to be completed in Fall 2026.

Stay current on the latest investments of the Housing Accelerator Loan Fund at https://www.austincf.org/community-impact/housing-affordability/housing-accelerator/.

Affordable housing and developer resources are available online at www.austintexas.gov/housing.

About the City of Austin Housing Department

The City of Austin Housing Department provides equitable and comprehensive housing, community development, and displacement prevention 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.

About Austin Community Foundation

Austin Community Foundation mobilizes ideas and resources to strengthen Central Texas. The Foundation is focused on advancing economic mobility and housing affordability, and it uses varied tools – data, convening and philanthropic dollars – to implement this strategy. In 2023, the Foundation granted nearly $56 million to the community, mostly through donor advised funds. Founded in 1977, the Foundation is the third largest charitable Foundation in Central Texas with $535 million in total assets under management. Learn more at AustinCF.org.