Austin council work session explores fund to preserve naturally occurring affordable housing

Mayor Pro Tem Vanessa Fuentes and council members discussed an approach to preserve naturally occurring affordable housing, or NOAH, during a work session at Austin City Hall.

Assistant City Manager Dr. Eric Anthony Johnson briefed the council on NOAH's size and the preservation fund model under consideration, saying the approach used in other cities pairs a small public seed with private, philanthropic and banking capital. “The trifecta would be grant‑based sources for NOAH capital improvements, a low‑cost fund for acquisition/new construction and a services component,” Dr. Johnson said.

Why it matters: staff warned that many aging multifamily properties commonly identified as NOAH are attractive to investors because acquisition plus modest renovation can produce substantial rent growth. Dr. Johnson cited CoStar data staff used for the briefing showing an estimated local NOAH inventory and a market forecast that, if realized, could lead to substantial loss of units by 2030. He described a preservation strategy that targets properties that are repairable rather than those considered functionally obsolete.

Staff overview and proposed structure

Dr. Johnson…