Kirk Preston Watson - Mayor of Austin, Texas | Facebook
Kirk Preston Watson - Mayor of Austin, Texas | Facebook
The Austin Housing Finance Corporation (AHFC), alongside Capital Impact Partners and HousingWorks Austin, has reintroduced the Austin Equitable Development Initiative (EDI), formerly known as the Austin Small Developer Training. This initiative aims to empower community-centered developers to lead in revitalization efforts. The program is accepting applications until April 21.
Mandy DeMayo, Interim Director of the Housing Department and AHFC Treasurer, stated, “We are proud to support an initiative with goals to ensure real estate developers reflect Austin’s diverse communities.” The program is designed to aid local organizations in engaging with the city’s growing real estate market to generate affordable housing units and local job opportunities.
The EDI is committed to enhancing the careers of emerging real estate developers by offering training, mentorship, and financing opportunities. The focus is on benefiting local communities, particularly those requiring sustained investment and development. Lauren Counts, Head of National Programs for Capital Impact Partners, emphasized the importance of local involvement, stating, “Empowering local real estate developers will help them become more involved in creating more affordable housing and more of the buildings that Austin's community members are seeking."
The initiative includes a nine-month learning series, led by the Momentus Capital branded family of organizations through Capital Impact Partners, and will accept 15 participants. It covers the current real estate development environment, offering training, technical assistance, advising, networking opportunities, and potential financing pathways in collaboration with the City of Austin and HousingWorks Austin.
Awais Azhar, Executive Director of HousingWorks Austin, remarked, “While we continue to make strides as a community in addressing affordability, we know that it is critical for us to continue to develop affordable housing to serve those most in need."
Emerging real estate developers in the Austin area are encouraged to apply for the EDI by April 21. More information on the initiative can be accessed through an upcoming informational webinar.
The initial program, which launched in April 2023 as the Austin Small Developer Training, selected 20 participants for a four-month course aimed at addressing challenges faced by small-scale developers. Historically, the real estate industry has been dominated by larger firms, with less than 1% of companies owned by people of color and women accounting for a little over one-third of the industry. Supporting community-oriented developers helps grow their businesses and supports the creation of affordable housing and mixed-use projects.
For further resources on affordable housing and developer support, visit www.austintexas.gov/housing.
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