The big picture
City Council, through the Austin Housing Finance Corp., signed off on more than $28 million in loans with several builders for projects around Austin on Dec. 12.
Those updates included funding like $2 million through the Federal Home Loan Bank of Dallas for The Roz, a 100-unit permanent supportive housing complex for tenants exiting homelessness. Another supportive housing project, the 150-unit Cairn Point Montopolis, will receive $2 million from both city bond funds and Downtown Density Bonus Program revenue collected from high-rise developers.
Larger multifamily projects, such as the 368-unit Aspire at Big Austin and 227-unit Cameron HiLine, drew most of the funding in December, with those two affordable apartments receiving nearly $17 million combined. But millions more will go toward several affordable ownership projects that will see individual homes sold to buyers making less than Austin's median family income, or MFI.
Among those developments is Johnny Limon Village, a new community of 27 homes to be built by the Guadalupe Neighborhood Development Corp. and sold through its community land trust model. The village will be situated on the east side next to the nearly 200-unit affordable complex Libertad Austin and is expected to open in 2026 or 2027.
Almost 50 more ownership homes developed by other builders in South and East Austin were also approved for city and federal funds.
By the numbers
Austin's MFI, which scales based on household size, now sits at $126,000 for a four-person family or $88,200 for an individual. To qualify for most of the new affordable housing available at or below the 80% level as of this year, income would be capped at $97,800 for a family of four or $68,500 for an individual.
Austin's current MFI levels for all household sizes can be viewed here.
