The partnership's acquisition of apartment complex Twelve100 will keep affordable housing options available for "generations to come" by providing eligible residents with decreased monthly rents, said TXHC President and CEO Monica Medina.
The background
The partnership and property acquisition was approved Oct. 24, and the acquisition was officially announced Jan. 14.
TXHC has now acquired nine properties with AHFC and together have preserved about 700 affordable units across Austin, Medina said.
TXHC tries to target "high opportunity areas," she said, and with major employers coming to the North Austin area contributing to the area's growth, rents have been increasing.
"We need to build new affordable housing units, but we also need to preserve the housing that we have there and restrict it to income levels," Medina said. "We're seeing [rent prices] softening right now, but once the market comes back, rents are going to continue to escalate in that area."
What residents should know
Twelve100 features one-, two- and three-bedroom units along with community amenities such as a resort-style pool, fitness center, playground and dog park.
Average monthly rent prices at the property range from $1,600-$1,700, Medina said. Through the acquisition, the affordable housing program will be able to reduce some rents to under $1,000.
Current or future Twelve100 residents interested in the affordable housing program must meet certain income requirements based on household size and Austin's median family income. Income restrictions vary from one to seven people in the household at varying income limits.
Per the website, documents needed to complete an application include:
- A driver's license or other form of identification
- Up to eight weeks of the most recent consecutive paycheck stubs for proof of income, or proof of retirement or benefit income
- Two months of recent bank statements
- Employment verification
- Child support verification
