Austin's housing corporation approves more than $21 million for five affordable developments - $7.92 million to Jordan II's 66 homes on Philomena Street in 78723, $5.2 million to The Maven's 83 at Highland Mall Boulevard in 78752, and 54 homes across the five for households at or below 30% of median income

Austin Housing announced on Thursday 22 October that "Austin City Council and the Austin Housing Finance Corporation (AHFC) have approved more than $21 million to support five local affordable housing developments". The money is gap financing, most of it from the city's 2022 General Obligation bonds: "Gap financing comes in the form of low-interest loans which are typically leveraged alongside outside funding sources."

The five awards as the city lists them, with the ZIP each address sits in on the city's own permit record:

• Jordan II, 2701 ½ Philomena St, 78723 - $7.92 million for "a 66-unit affordable multifamily development" by Foundation Communities, with a 40-year affordability period: "27 units will be available for rent at or below 30% MFI, and 39 units will be available for rent at or below 50% MFI". It sits "within half a mile walking distance of two Project Connect-funded CapMetro Rapid bus lines, routes 800 and 837".
• The Maven, 618 E. Highland Mall Blvd, 78752 - $5.2 million for "an 83-unit affordable and market-rate multifamily community" by DMA Development; "13 units will be available with no income restrictions".
• Rowen Vale, 206 E. Annie St, 78704 - $4.32 million; "Plans call for the construction of 64 affordable multifamily housing units" by O-SDA Industries, "within a quarter of a mile of a planned Austin Light Rail Phase 1 stop".
• The Lenora, 4507 Menchaca Road, 78745 - $2.64 million for "a 39-unit multifamily community" by Overland Property Group.
• Austin Art Village, 1902 E. 22nd St, 78722 - "just over $1 million" of HOME CHDO money for "a 9-unit multifamily community" by Blackland Community Development Corporation; "Units will be marketed with a preference for local artists."

Four of the five already carry state tax credits: "Earlier this year, four of these developments sought and received resolutions of support from Austin City Council to apply for 9% Low-Income Housing Tax Credits (LIHTC) from the State of Texas and have since secured LIHTC funding." The page names them as Rowen Vale, The Lenora, The Maven and Jordan II.

Brendan Kennedy, the city's Housing Division Manager, says the round "includes proposals which promote affordable housing in areas of high opportunity and near high-frequency transit, including the proposed Project Connect light rail, with 54 deeply-affordable units proposed at or below 30% MFI". The page's own per-development counts at that level are 7 at Rowen Vale, 4 at The Lenora, 7 at The Maven, 27 at Jordan II and 9 at Austin Art Village.

The programme "funds units affordable to households earning at or below 50% MFI for rental and 80% MFI for ownership", and the affordability periods run 40 to 45 years. The city's page carries renderings of Rowen Vale and The Maven, credited to the developers.