Mayor Kirk Watson, City Of Austin | City Of Austin website
Mayor Kirk Watson, City Of Austin | City Of Austin website
The City of Austin Housing Department is marking the success of the Housing Accelerator Loan Fund, which aims to boost affordable housing in Central Texas. Managed by the Austin Community Foundation, this fund offers low-interest loans for short-term needs such as pre-development and land purchases. In 2024, the Austin Housing Finance Corporation (AHFC) Board approved a $5 million loan to the fund, increasing its total to $16.4 million.
Mandy DeMayo, Interim Director of the Housing Department and AHFC Treasurer, stated, "We are proud to support the Housing Accelerator Loan Fund, a key initiative that aligns with our shared commitment to creating and preserving affordable housing opportunities in Austin." The fund has disbursed eight loans totaling over $13.5 million, supporting more than 1,000 new affordable housing units in the area.
The fund's partners include entities like Hazoor Partners, JPMorganChase, NI, Shield-Ayres Family Foundation, St. David’s Foundation, Tito’s Handmade Vodka, among others. Mike Nellis, CEO of Austin Community Foundation noted: “This early success of the Housing Accelerator Loan Fund shows how working together—across philanthropic, government and private sectors—can make a greater impact in addressing Central Texas’ housing affordability crisis.”
Several projects have benefited from this initiative:
- **Cady Lofts**: Located at East 39th Street in District 9 with 100 units for those earning below 30% AMI.
- **Lamar Square**: Situated on Lamar Square Drive in District 9 with facilities for individuals with intellectual disabilities.
- **Cameron Senior Housing**: On Cameron Road offering senior living spaces.
- **Sunset Ridge Apartments**: In District 8 providing mixed-income rental units.
- **Willows Crossing**: At Drowsy Willow Trail in District 2 aimed at home ownership.
- **Persimmon Point**: On Meadow Lake Boulevard providing home ownership opportunities near a new transit line.
- **The Sasha**: On Grove Boulevard serving survivors of domestic violence.
- **Bailey at Berkman**: On Berkman Drive offering efficiency units for low-income households.
These developments are part of efforts to address housing challenges through partnerships involving various stakeholders.
For more information on these investments or affordable housing resources available through the City of Austin Housing Department and related organizations like AHFC and Austin Community Foundation visit their respective websites.
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