AHFC approves $50 million to finance over 1,000 affordable and permanent supportive housing units

The city has approved more than $50 million in housing funding to build more than 1,000 units of affordable housing, hundreds of which will serve as permanent supportive housing for people who are currently homeless. To do.

Last week, the Austin Housing Finance Corporation announced nine financing deals with various affordable housing providers and other developers working on housing projects in City Council Wards 1, 2, 3, 7, 8 and 9. Voted in favor of completing the contract.

Jamie May, housing and community development officer for the Department of Housing, said there are nearly 400 permanent supportive housing units across the nine developments, 220 of which are supported by community continuing care partners for people who are homeless. He said it was for exclusive use. Prime Minister Theresa May noted that the Department of Housing has a funding request of approximately $110 million.

“We want to give you money, but our pockets are very deep,” he said.

Funding approval includes:

• Balcones Terrace, located in District 7, received $1.5 million in Community Development Block Grants to support 123 units dedicated to individuals experiencing homelessness. Fifty of the units are dedicated to continuing care.
• Cairn Point Montopolis, located in District 3, was awarded $6 million in general obligation bonds. The project includes 150 units of supportive housing, 50 of which are in continuing care.
• Escuela Nueva, located in Ward 3 and supported by the Guadalupe Neighborhood Development Corporation, received a loan agreement worth $9.7 million. The total number of units will be 114, of which 20 will be priced at less than 30 percent of the area’s median household income and 66 will be priced at less than 50 percent of his MFI.
• Mary Lee Square, located in the 9th Ward, includes multiple developments. The Foundation Communities project received a $5.4 million loan commitment to fund the property acquisition. Within the development, 88 units will be affordable to people with 30 per cent MFI income and 64 units will be available at 50 per cent MFI.
• Real Gardens, located in District 1, is a family eldercare project that received $1.1 million in funding for 60 supportive housing units. Of these, 35 units will be priced below 30 per cent of the MFI level. 2 units have MFI below 40 percent and 23 units have MFI below 50 percent.
• Seabrook Square II, located in District 1, is an Integral Care project that received $5.18 million in downtown density bonuses and $1 million in general obligation bonds. It is a permanent supportive housing development with 60 units dedicated to continuing care and available on a 30 percent MFI basis.
• Manifold Sunset Ridge, located in District 8, has been approved for an $8.8 million general obligation bond to finance a 221-unit apartment complex. Of these, 100 units will be affordable with MFI below 50%, 76 units with MFI below 60% and 45 units with MFI below 80%.
• 5900 Pleasant Valley LP in Ward 2 is also a land lease from AHFC, which received an $8.9 million financing agreement. The project by Structure Development and JCM Ventures will include 74 apartments, of which 19 will be affordable with an MFI of 40% or less, and 55 will be affordable with an MFI of 50% or less.
• GSNZ 7 Acres West is located in District 3 and is a Guadalupe Neighborhood Development Corporation development. The company took out a $1.4 million loan for him to add his seven acres to the project to build new ownership of nine of the 51-unit projects. Of these, 14 are affordable with MFI below 60% and 37 are affordable with MFI below 80%.

Mayor Kirk Watson praised city staff and council members for prioritizing the construction of affordable housing, especially permanent supportive housing.

“Whenever we vote as a board on a project valued at $50 million that will create more than 1,000 units, approximately 400 of which will be permanent supportive housing, 220 of which will be related to continuing care, and 6 Two neighborhoods are involved. That’s something we can be proud of as a city.”

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