The details
The 23 townhomes, expected to be completed in March, will range from $235,000 to $270,000. The townhomes are available for families earning up to 80% of the Austin-area median family income. City documents from 2024 list the MFI as $126,000, with 80% being $97,800 for a four-person household.
The townhome community, named Industry SOMA, sits on 42,000 square feet of land. The property includes 20 townhomes with 3 bedrooms and 1.5 bathrooms, and three townhomes with 4 bedrooms and 2 bathrooms, varying in price by floor plan.
Eligibility to qualify is vetted by a local Housing and Urban Development certified broker. If approved, the applicant can request down payment assistance if needed.
Developer Industry ATX is partnering with real estate buyer and consultant HomeBase Texas to ensure long-term affordability of the property. Any resales or future buyers must remain qualified at the affordable sales price or income level for the next 99 years, according to the news release.
Industry ATX Head of Operations Megan Etz said the new community is a step toward ownership of single-family homes instead of rental units.
“When people think about affordable housing, they think about rentals,” she said. “They don’t think about affordable homeownership. That rung of the ladder is what we want to get the word out about—that these are brand-new homes that they might qualify for.”
Etz said the property makes homeownership accessible for the city’s “critical workforce,” such as teachers, musicians, bartenders, office administrators and more.
“Through projects like Industry SOMA, we strive to keep Austinites close to their work, family, education and public transit,” she said. “Affordable homeownership provides financial stability, fosters wealth-building through equity, strengthens community ties, and enhances overall quality of life by creating opportunities for families to thrive and invest in their futures.”
