Goal 2: 135,000 housing units are preserved and produced by 2027, including
60,000 affordable housing units*, with 75% of new housing located within a
half mile of the city's activity centers.
*Based on the Council-adopted Austin Strategic Housing Blueprint.
Equity Themes
This goal works towards the following equity themes as defined in the Austin Climate Equity Plan:
Strategy 1: Offer immediate affordable housing assistance
Engage directly with communities that are vulnerable to displacement and connect them with
services. Proactively monitor affordable housing properties at risk of losing their affordability status
to extend the period of affordability.
Work status
Awaiting report.
City of Austin partners
- Housing and Planning Department
Strategy 2: Fund affordable housing
Increase funding for the City’s current Housing Trust Fund and support capacity building for
community development corporations.
Work status
City of Austin partners
- Housing and Planning Department
What's been done so far?
Austin Housing Finance Corporation offers financial assistance for affordable housing developments through the Rental and Ownership Housing Development Assistance programs. These programs have used the General Obligation Bonds, federal, and other local funding sources to create several thousand affordable units.
What's next?
As the 2018 General Obligations Bonds are expended over the coming fiscal year, staff will continue to manage the Rental and Ownership Housing Development Assistance programs using federal allocations, local Housing Trust Fund dollars, and Project Connect resources.
Equity in implementation
Developments in areas experiencing gentrification are prioritized for funding. Developments that agree to use the anti-displacement preference policy in selecting tenants and buyers are also prioritized and incentivized with additional resources.
Community support and involvement
These programs are driven by applications from developers, both for-profit and nonprofit. These organizations present proposals to the Housing Investment Review Committee, comprised of Austin residents and members of the Community Development Commission.
Challenges and other considerations
Affordable housing developers must compete with market-rate developers to access capital, labor, land, and materials. Often, affordable housing developers do not have the resources to compete. While the Austin Housing Finance Corporation provides resources, time constraints for awarding funds often lead to missed opportunities or increased costs.
Strategy 3: Enhance community engagement for affordable housing and anti-displacement programs
Include low-income communities, communities of color, and people with disabilities directly affected
by systemic inequalities in the City’s Housing Investment Review Committee activities and when
creating anti-displacement programs. Enhance direct outreach of Housing and Planning
Department-subsidized affordable units in gentrifying areas with culturally relevant communication
strategies.
Work Status
City of Austin partners
- Housing and Planning Department
What's been done so far?
The Housing and Planning Department manages the Rental Housing Development Assistance and Ownership Housing Development Assistance programs for the Austin Housing Finance Corporation. Over the last ten years, through these programs, the Austin Housing Finance Corporation has deployed more than $200 million in loans for the development of thousands of affordable housing units throughout the city. These resources include federal grants, General Obligation Bonds, and Housing Trust Fund dollars.
What's next?
Staff will continue to offer resources through the Development Assistance programs. As the 2018 GO Bonds are nearing full deployment, staff will continue to issue loans using federal grants, the Housing Trust Fund, and Project Connect resources. These resources total more than $30 million for fiscal year 2023.
Equity in implementation
The Development Assistance application begins with a geographic assessment of the proposal. Proposed developments in areas experiencing displacement receive additional consideration as these units will help limit the impact of gentrification on the surrounding areas. Developments in areas with greater access to amenities also receive further consideration in pursuit of the goal of disbursing affordable housing throughout the City.
Community support and involvement
The application process ends with a review by the Housing Investment Review Committee. This committee comprises individuals selected from the community with experience in housing finance, housing development, and services for low-income communities and communities of color. The committee also has two members appointed by the Community Development Committee who serve as liaisons between the two committees.
Challenges and other considerations
Land development is first limited to where the land is available. As this program relies upon developers to bring a proposal to staff through the application process, staff has limited control over the number of developments funded and the overall location of proposed developments. As land values increase and costs of construction increase, it will be more challenging to generate the number of units through these programs, as seen in the recent past.