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Austin Housing Department: demand outstrips bond funds; new underwriting tool due in June
Summary
Housing staff told the bond advisory task force on March 24 that previous general obligation housing bond dollars are largely committed, demand for affordable housing far exceeds current bond resources, and the department will roll out a new underwriting and scoring tool in June.
James May, Austin’s Housing and Community Development Officer, briefed the Bond Election Advisory Task Force March 24 on the department’s mission, past bond spending, program structure and how bond funds are allocated to produce affordable housing.
May said the 2018 housing bond approved by voters totaled $250 million; the department has issued about $225 million of that package and encumbered an additional $18.8 million. For the 2022 general obligation housing bond, voters approved $350 million; the department has spent about $61 million and encumbered approximately $90 million with roughly $157 million shown as available in the program budget, but May said some of those dollars are budgeted across multiple fiscal years.
The…
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