As rent prices continue to surge in Austin, the city and the Austin Housing Finance Corporation have announced available funds for developers to create more affordable housing.
Housing Finance Corporation is inviting the development community to apply for financial assistance through the Rental Housing Development Assistance and Ownership Housing Development Assistance programs. In October 2021,allocated the final two years of General Obligation Bonds for the R/OHDA programs. RHDA has about $25 million available and OHDA has around $4 million.
Projects must be within one mile of a Project Connect transit corridor and include a policy for tenant or owner selection to prioritize persons that have been or are currently at risk of displacement. Developers wishing to access this fund must complete the Racial Equity component of the R/OHDA application.
AHFC will also provide access to several other local, geographically restricted funds, such as the Homestead Preservation District Tax Increment Reinvestment Zone , the University Neighborhood Overlay district , and other Transit-Oriented Developments .
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