Seven Austin Properties Slated for Affordable Housing

The Austin Housing Conservancy, Austin Housing and Planning Department, and the Austin Housing Finance Corp. (AHFC) are working to convert seven properties into affordable housing.  

The Austin Business Journal reports the partners bought properties that range in size from 10 units to 109 units, with three being on Avenue A. The properties, all located within a quarter mile of public transit, will provide housing to households earning less than 80 percent of the median family income (MFI) level, with many units affordable for those earning as low as 50 percent MFI.

The seller was Austin-based Central Properties Inc. The deal gives AHFC its first properties

The $34.9 million acquisition is financed with nearly $15 million from AHFC’s general obligation bonds, plus some debt financing from the conservancy. More than $2 million will be used to renovate the properties by the end of 2025.