North Austin News

The City of Austin Housing Department has announced the upcoming completion of 23 affordable townhomes in March. The new community, named Industry SOMA, is located in South Austin at 1905 Keilbar Lane. Interested individuals are encouraged to submit their eligibility through an online form with Industry ATX.

These modern townhomes result from a collaboration between developer Industry ATX and the Austin Housing Finance Corporation (AHFC). The prices range from $235,000 to $270,000, aiming to provide homeownership opportunities and attract families with generational ties to the neighborhood.

“We are grateful to support a townhome community that will provide prospective buyers with an affordable option for homeownership. Affordable home ownership is important to Austinites, helps create stability and helps families build generational wealth,” stated Mandy DeMayo, Interim Director for the Housing Department.

The homes target families earning up to 80% of the Median Family Income for the Austin area. Through the Affordability Unlocked program, Industry ATX increased the number of homes to 23. Megan Etz, head of operations for Industry ATX, emphasized their focus on providing affordable housing centered on single-family homes rather than rentals.

“When people think about affordable housing, they think about rentals. But they don’t think about affordable home ownership. That rung of the ladder is what we want to get the word out about – that these are brand new homes that they might qualify for,” Etz explained.

The community offers various amenities including common living areas and green spaces. Townhome features include vaulted ceilings and quartz countertops. Homes range from 1,042 to 1,208 square feet and are Green Building Certified. Buyers can choose between two floor plans: 20 three-bedroom units priced between $230,000 and $250,000; and three four-bedroom units priced between $255,000 and $270,000.

The application process involves two steps: eligibility verification by a HUD-certified broker followed by qualification through lenders for pre-qualification. Down payment assistance may be available depending on individual circumstances.

Industry ATX partners with HomeBase Texas to maintain long-term affordability through restrictive covenants requiring resales or future buyers remain qualified at an affordable price or income level for 99 years.

Etz highlighted Industry ATX's commitment to making homeownership accessible for Austin’s workforce such as teachers and musicians who struggle with market-rate homes. “Through projects like Industry SOMA...Affordable homeownership provides financial stability...strengthens community ties,” she said.

Funding came from nearly $3 million received via General Obligation Bonds through the Ownership Housing Development Assistance Program enabling construction cost offsets under Affordability Unlocked benefits allowing development bonuses in exchange for providing low-income housing options sold below 80% MFI ensuring affordability over decades without other public funding as noted by Michael Winningham Principal at Industry ATX stating: “This development would not be possible without OHDA funding from Austin Housing Financing Corporation."