Austin Enhances Affordable Housing with Twelve100 Acquisition

News Summary

Austin continues its commitment to affordable housing with the acquisition of Twelve100 by the Housing Finance Corporation, adding 384 affordable units to its portfolio. This significant move aims to address the rising housing costs and support community development. The project will feature mixed unit types and programs ensuring long-term affordability. Furthermore, other initiatives like the Bailey at Stassney project align with the city’s strategy to combat housing barriers and enhance living conditions for vulnerable residents. Overall, these efforts underscore Austin’s dedication to inclusive and accessible housing solutions.

Austin Makes Strides Towards Affordable Housing with Twelve100 Acquisition

Here in the vibrant city of Austin, the ongoing quest for more affordable housing options continues to gain momentum! Recently, the Austin Housing Finance Corporation (AHFC) made a significant move by acquiring a multifamily property known as Twelve100. Located just off Metric Boulevard and a stone’s throw from The Domain, this property not only promises affordable living but also offers residents easy access to major job hubs and entertainment venues. Sounds like a win-win situation!

A Milestone Acquisition for Affordable Housing

With the purchase of Twelve100, the AHFC has marked its largest acquisition to date, which is a proud moment for the city in its mission to boost housing affordability. This new addition brings about 384 affordable housing units into AHFC’s portfolio, which now stands at a grand total of 845 preserved units of affordable housing. Clearly, the city is stepping up its game in the face of rising housing costs!

Fostering Long-Term Affordability

This acquisition isn’t just about expanding numbers—there’s a whole vision behind it! The city aims to support long-term affordability and create programs specifically designed to enhance community spirit and improve the lives of residents. Twelve100 will feature a mix of one, two, and three-bedroom units, catering to different family sizes and needs. However, those interested in applying must meet specific income requirements based on household size and the area’s median family income. This way, the program can maintain its focus on serving those who need it the most.

Why Affordable Housing Matters

As any resident will tell you, prices for housing in Austin have skyrocketed in recent years, making it increasingly difficult for many families to find affordable options. Today’s acquisition is a promising step toward countering this trend, ensuring that affordable rent remains accessible for years to come in this dynamic area.

Expanding the Housing Landscape

The Bailey at Stassney, which is set to bring an additional 104 housing units to Travis County. Among these units, 26 are earmarked for permanent supportive housing for households at risk of homelessness, demonstrating a commitment to helping the most vulnerable members of the community.

A Closer Look at the Bailey at Stassney

The ambitious Bailey at Stassney project has an estimated cost of $29.2 million and will rely on PBV funds amounting to $9,840,480 over the next 20 years, alongside tax credits from the Texas Department of Housing and Community Affairs. Plans for this development are exciting, with proposed amenities including a clubhouse, workout facilities, and access to various social services—creating not just housing, but a true community.

Environmental Considerations and Public Feedback

Environmental Impact Statement under NEPA, as they anticipate minimal environmental impact from the project. Citizens eager to have their voices heard have until January 27, 2025, to submit feedback regarding the Environmental Review Record that is now open for public scrutiny at the housing department.

Funding to Combat Housing Barriers

$6.7 million under the PRO Housing program. This program aims specifically to tackle barriers to local housing production, including soaring land costs and a lack of available housing units, ensuring that the city can sustain its growth and support its residents effectively.

Looking Ahead

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Additional Resources

• KXAN News: City of Austin Acquires Affordable Housing Property Near Domain
• Wikipedia: Affordable Housing
• KVUE News: Austin Awarded Grant to Boost Housing Supply, Lower Costs
• Google Search: Austin Affordable Housing
• Hoodline: Austin Requests Federal Funding for Bailey at Stassney
• Google Scholar: Affordable Housing Austin
• CBS Austin: Jimmy Carter Honored in New Affordable Housing Projects
• Encyclopedia Britannica: Jimmy Carter Housing
• Community Impact: Officials Celebrate East Austin Affordable Housing Development
• Google News: East Austin Affordable Housing

Author: HERE Austin