Austin approves $21 million in loans for five affordable housing projects, with 54 units for the lowest incomes

Austin has approved $21 million in loans to help build five income-restricted apartment developments. They include 54 homes set aside for households earning 30% or less of the area's median family income.

On Thursday the City Council briefly recessed and met as the board of the Austin Housing Finance Corporation (AHFC), the city's housing finance arm. It approved all five loans on a consent agenda. Mayor Pro Tem José "Chito" Vela, the board's vice president, moved approval, Council Member Mike Siegel seconded, and the items passed without objection, with board member Natasha Harper-Madison absent.

The five developments

Housing and community development officer Nicole Joslin told the board the awards were for developments in Districts 1, 4, 5 and 9. She then walked through each. The loan caps below come from our records of each item. The unit counts are what staff described at the meeting.

• Rowen Vale, District 9: up to $4.32 million to O-SDA Industries for rental homes at 206 E. Annie St., from 2022 general obligation bonds. Staff said it includes 7 units at 30% of median family income and 29 at 50%. (record 26-2895, meeting)
• Jordan II, District 9: up to $7.92 million to Foundation Communities at 2701 1/2 Philomena St., from 2022 bonds. Of 66 units, 27 are at 30% and 39 at 50%, so the whole building is at 50% or below. (record 26-2896, meeting)
• The Lenora, District 5: up to $2.64 million to OPG Lenora Partners at 4507 Menchaca Road, from 2022 bonds. It has 4 units at 30% and 18 at 50%. (record 26-2897, meeting)
• The Maven, District 4: up to $5.2 million to Austin Highland DMA Housing at 618 E. Highland Mall Blvd., from 2022 bonds. It has 7 units at 30% and 38 at 50%. (record 26-2898, meeting)
• Austin Art Village, District 1: up to $1,013,750 to Blackland Community Development Corp. at 1902 E. 22nd St., from federal HOME funds for community housing development organizations. All nine units are at 30% or below. (record 26-2899, meeting)

Added up, those caps come to about $21.09 million. Staff's per-project counts add up to the 54 deeply affordable units. No board member asked questions before the vote.

What the news coverage adds

Community Impact reported that the five projects total 261 units, of which 248 will be income-restricted. The Maven includes 13 market-rate units. Rowen Vale is being built on South Austin Christian Church property in Travis Heights. Austin Art Village gives a preference to local artists. The outlet reported that $20.8 million comes from the 2022 housing bond and $1.01 million from federal funds. It also reported that the median family income used for these limits is $134,400 for a family of four.

Community Impact quoted Housing Division Manager Brendan Kennedy as saying this round includes proposals that "promote affordable housing in areas of high opportunity and near high-frequency transit." The city's announcement lists the same five developments.

Other recent housing votes

The Oct. 22 loans follow other AHFC actions this fall that our records show:

• Oct. 8: The AHFC board approved up to $33 million in multifamily housing revenue bonds for the rehabilitation of the 130-unit Elm Ridge Apartments. It also added $10 million, for a total of $32 million, to the GO Repair home repair contracts with six nonprofits (record 26-2637, meeting).
• Oct. 13: The Housing and Planning Committee voted unanimously to recommend that the full council start an update of the city's Strategic Housing Blueprint. Staff aim to adopt the update in mid-2028 using a federal Pro Housing grant (meeting).

What's next

The board's approval authorizes AHFC to negotiate and sign the loan agreements. The blueprint update resolution from the Housing and Planning Committee would go to the full council for a vote. Our meetings page will show when it is scheduled.