The winning power of collaboration is shining bright in Austin, as the Austin Housing Conservancy, Austin Housing and Planning Department, and the Austin Housing Finance Corp. (AHFC) link arms to convert seven properties into low cost living spaces. Owing to their partnership, 236 units spread across Central Park Apartments, Siesta Place, Villa Del Rey, Midway, Fiesta 1 and 2, Del Mar, and Tom Thumb are all set to become affordable apartments.
These properties are conveniently located within a quarter mile of public transit, affirming Austin’s commitment to connectivity and accessibility. New residents can look forward to a living arrangement that doesn’t break the bank – with these properties being able to accommodate households earning less than 80 percent of the median family income, and even as low as 50 percent in some cases.
Cutting ribbons in City Council District 7 and District 9 for the first time, AHFC is expanding its influence in the Brentwood and Hyde Park neighborhoods. The transformation, amounting to $34.9 million, is riding on close to $15 million from AHFC’s general obligation bonds, supported further by some from the conservancy’s debt financing. By the turn of 2025, these properties will not only be revamped at a cost exceeding $2 million but will also represent Austin’s unity in addressing affordable living. Together, against the backdrop of Central Texas, they’re infusing hope into the local real estate landscape.