Working with a Central Texas nonprofit, the city has purchased seven apartment complexes with a total of 234 units and a small office building located on a transportation corridor in the central city. All of the complexes are in the Brentwood or Hyde Park neighborhoods, and most are within a quarter-mile of a light rail rail line included in the Project Connect transportation plan.
- Central Park Apartments, 6008 and 6010 North Lamar Boulevard: 109 units
- Siesta Place, 609 E. 45th Street: 12 units
- Villa Del Rey, 4000 Avenue A: 33 units
- Midway, 4100 Avenue A: 14 units
- Fiesta 1 & 2, 4200 and 4208 Avenue A: 46 units
- Del Mar, 4415 Avenue B: 10 units
- Tom Thumb, 4209 Speedway: 12 units
Austin Housing Finance Corporation made the acquisition in partnership with the Austin Housing Conservancy Fund, a nonprofit managed by Affordable Central Texas. The AHFC, called the “Strike Fund” in the Austin Strategic Housing Blueprint, was formed to meet moderate income housing needs in greater Austin. The City of Austin Housing Department announced the completion of the deal Tuesday.
The apartments will be marketed to households earning less than 80 percent of the area median family income. Some units will be available for those earning 50 percent of median family income or less.
AHFC was authorized to partner with ACT, a nonprofit focused on preserving existing multifamily workforce housing, on the purchase of the $34.9 million portfolio. The $14.9 million AHFC contributed came from 2018 general obligation bond funds.
The properties will get $2 million in renovations over the next two years, according to the city statement. The purchase is intended to fulfill Strategic Housing Blueprint goals including: preservation of existing affordable housing, geographic dispersion of affordable housing, and deep affordability.
