AUSTIN, TX – The City of Austin Housing Department, in collaboration with developer Industry ATX and the Austin Housing Finance Corporation (AHFC), is happy to announce the grand opening of Industry SOMA, a brand-new affordable townhome community, in South Austin. The open house will be held on June 18 from 10 a.m. to 12 p.m. at 1905 Keilbar Lane, near William Cannon and South Menchaca. Interested buyers are strongly encouraged to start the two-step application process now to determine eligibility and get pre-qualified. Detailed information about the new community is viewable in the e-brochure at https://industryatx.com/projects/industry-soma. 

“We are grateful to support a townhome community that will provide prospective buyers with an affordable option for homeownership. Affordable home ownership is important to Austinites, helps create stability and helps families build generational wealth,” says Mandy DeMayo, Interim Director for the Housing Department.  

Industry SOMA offers 23 aesthetically modern, move-in-ready townhomes priced between $240,000 and $320,000. The community is built specifically for income-qualifying families earning at or below 80% of the Austin MFI (median family income) — with a focus on creating long-term, sustainable homeownership and retaining families with generational ties to the neighborhood. The community offers communal gathering areas and green spaces for kids and pets. The SOMA townhomes all met the requirements of the Austin Energy Green Building Program and feature superior insulation, efficient HVAC systems, low energy use, and Xeriscaping. Other attractive features include vaulted ceilings, quartz countertops, and top-rated windows and exterior doors.

The homes range in size from 1,042 to 1,208 square feet and are Green Building Certified. Prospective homebuyers will have 2 floor plan options to choose from including 3- and 4-bedroom options. Townhomes with the smaller footprint have fenced backyards, parking at each home and an expandable floor plan. 

Eligibility is vetted by a local HUD certified broker who will reach out to the applicant within 72 hours if the information matches the income criteria. Down payment assistance may be offered to certain applicants to assist with qualification, depending on the situation. If qualified, applicants can choose up to $40,000 of down payment loan assistance from the City of Austin to help with their new mortgage. Anyone interested is encouraged to submit general eligibility through the online form with Industry ATX. 

Industry ATX is dedicated to making homeownership accessible for Austin’s critical workforce – teachers, musicians, office administrators, bartenders, and others who contribute to the city's vibrancy but struggle to afford a market-rate home.  

“Through projects like Industry SOMA, we strive to keep Austinites close to their work, family, education, and public transit,” says Megan Etz, Head of Operations at Industry ATX. “Affordable homeownership provides financial stability, fosters wealth-building through equity, strengthens community ties, and enhances overall quality of life by creating opportunities for families to thrive and invest in their futures.”  

Funding the Development 

Caption: Courtesy of Industry ATX.

Industry ATX is also partnering with locally based HomeBase Texas, to maintain the restrictive covenants for the homes. These covenants require that all resales and/or future buyers remain qualified at the affordable sales price or income level for the next 99 years, thus ensuring long-term affordability of the community.  

Industry ATX received just under $3 million in funding from 2022 General Obligation (GO) Bonds through the Ownership Housing Development Assistance (OHDA) Program. This funding enabled Industry ATX to offset construction costs. The benefits of the Affordability Unlocked program waives or modifies some development restrictions in exchange for providing low- and moderate-income housing. In exchange for setting aside at least half of a development’s units as affordable, developers can take advantage of bonuses such as height and density increases, parking and compatibility waivers and reductions in minimum lot sizes. The affordable units must be sold to households earning at or below 80% Median Family Income (MFI) and the units will remain affordable for 99 years.  

“This development would not be possible without OHDA funding from the Austin Housing Financing Corporation and the support of its committee. We have not received any other public funding for SOMA,” explained Michael Winningham, Principal of Industry ATX. 

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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.  

About Industry ATX  

Industry ATX is an Austin-based affordable housing developer recognizing the urgency of attainable living options within walkable and transit-fit neighborhoods. Our workforce in Austin deserves diverse housing options, quality design, and both creative and sustainable building approaches that stand the test of time. Industry ATX is committed to real housing opportunities, and the ability for Austinite's to experience their own worth while continuing to keep Austin.....Austin.