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Austin Filling “Unmet Need” with Affordable Rental Community
The numbers don’t lie. Austin has an unmet housing need. “Specifically an affordable housing need estimated to require the development of at least 60,000 new units affordable to households earning no more than 80% of the area median family income by 2027,” said Travis Perlman, Austin’s affordable housing coordinator
The Austin Business Journal reports the city of Austin plans to construct a 150-unit affordable housing community in the Coronado Hills neighborhood. The $40 million project will be called Cairn Point. It’s being jointly developed by the Austin Housing Finance Corp. (AHFC), Caritas of Austin and the Vecino Group.
Construction is expected to begin early this fall and could be completed by the middle of 2025. Many of the units will be discounted, depending on the median family income of the renter.
The community will be funded with help from AHFC, the American Rescue Plan Act and housing vouchers.
Vecino Construction will serve as both project and general contractor.
- ◦Development
