Middle-income housing units in Austin are an endangered species that are disappearing at a rapid rate. Between 2012-2014, Austin lost more than 7,000 affordable rental units to renovation and redevelopment. We’ve all heard the stories of teachers, bus drivers, musicians, firefighters, and others having to move to the suburbs and commute in for work because the cost of living has risen so quickly. These people are the heartbeat of our city and they deserve the opportunity to call Austin home.
This housing crisis is the reason Affordable Central Texas (ACT) is launching the Austin Housing Conservancy. The Austin Housing Conservancy is a housing fund managed by ACT, a 501(c)3 non-profit, and its primary purpose is to ensure the people who make Austin great can access middle-income multifamily housing units in a variety of neighborhoods spread throughout the city.
Over the next 10 years, The Austin Housing Conservancy is working to secure 15,000 affordable, middle-income housing communities in high opportunity areas with access to transit. By preserving existing housing from redevelopment rather than demolishing and building new facilities, the environmental impact is significantly decreased.
The Austin Housing Conservancy is overseen by a non-profit board of directors, comprised of nationally-recognized leaders in real estate and affordable housing. Affordable Central Texas is the sponsor and investment manager of the Fund. David Steinwedell, real estate expert and former Executive Director of the Urban Land Institute-Austin, is the CEO of the Affordable Central Texas.
Austin Housing Conservancy is a private equity fund. Because it is a private market solution, Austin Housing Conservancy can scale with greater agility than government or traditional nonprofits. The Austin Housing Conservancy model allows for collaboration between investors, nonprofit, and community partners who seek to create sustainable impact to help solve a critical issue facing Austin and improve the future of our city.
The Austin Housing Conservancy will help protect Austin’s diversity and spirit by preserving existing multifamily housing available for middle-income residents.
The Austin Housing Conservancy model is an innovative and unique solution to address Austin’s housing crisis through a collaboration between investors, nonprofits, and community partners.
The Austin Housing Conservancy model creates societal benefits for the people it serves, the Austin community, and its investors.