Austin Housing Finance Corporation to launch 500 affordable housing units and new park

The Austin Housing Finance Corporation (AHFC) is set to make significant strides in affordable housing with a new project that will deliver over 500 units to the community. This initiative, which includes commercial spaces and a new park expanding from 2 acres to approximately 4 acres, promises to bring numerous benefits to local residents.

During a recent government meeting, officials expressed excitement about the project, highlighting its potential to enhance community resources and provide much-needed affordable housing options. The development will be executed in partnership with Industry ATX and will add to AHFC's existing community land trust, which currently holds about 50 units. With this new project, the number of units within the land trust is expected to more than double.

Council member Harper Madison raised questions about the community development corporation involved in the project, clarifying that AHFC itself operates the community land trust. This structure allows AHFC to sell homes to first-time buyers earning at or below 80% of the median family income, ensuring that the housing remains accessible to those who need it most.

As the project moves forward, community members can look forward to groundbreaking and construction in the near future, marking a significant step toward addressing the ongoing housing challenges in Austin. The meeting underscored the city's commitment to expanding affordable housing and enhancing community spaces, aligning with broader goals of inclusivity and support for residents.