City-connected affordable housing developer Austin Housing Finance Corporation is looking for a partner to develop, own, and operate a proposed 300-unit multifamily apartment complex at 6909 Ryan Drive, a 5.5-acre AHFC-owned property in the Crestview neighborhood of central Austin.

The AHFC is a public, nonprofit corporation the city created generate and implement strategic housing solutions for low- and moderate-income residents. 

AHFC released a competitive Request for Qualifications to identify a preferred development partner for the property, which it bought from Austin Energy last year. Austin Energy and AHFC conducted public engagement to identify community priorities and sentiments regarding the project in fall and winter of last year. AHFC "determined that the community remained committed to prioritizing affordable housing, park space, and connectivity to transit," according to a city statement.

The property was used as an operations and storage site by Austin Energy, which completed demolition of the existing buildings and site cleanup in summer 2023. AHFC bought the site using using general obligation bonds approved by Austin voters residents in 2018. 

Development requirements for the multifamily development include, the following, according to the RFQ announcment:

  • 90% of units are anticipated to be affordable, targeting a range of households earning from 50% to 120% of the Median Family Income (see Table 1 for additional anticipated MFI estimates)
  • Initial affordability period is anticipated to be at least 55 years, or for the period required by applicable funding sources
  • Approximately 1.25 acres of the site is anticipated to be park space and/or publicly accessible amenities (which may be publicly dedicated or privately maintained)
  • A portion of the site will be dedicated as a transit plaza with safe bike and pedestrian access from public right-of-way to the plaza 
  • As funding sources permit, a portion of the site could be used as commercial space and would be ground leased under a separate agreement for development of integrated commercial improvements (ex., retail, restaurants, neighborhood services)

AHFC is expected to retain ownership of the land, potentially qualifying the
property for a 100 percent property tax exemption for the land and improvements. The project developer is encouraged to apply for and participate in any applicable city programs, including the Smart Housing Progam, density bonus programs, Affordability Unlocked, or similar programs beneficial to the project.