$100K Donation To Promote Austin Affordable Housing Planned

The original article can be found here.

By Tony Cantu, Patch Staff

AUSTIN, TX — Officials have scheduled a ceremony on Tuesday during which $100,000 will be donated to promote affordable housing.

The ceremony is scheduled on Tuesday, Sept. 3 at 9:30 a.m. at the Austin City Hall media room. During a press conference, Wells Fargo and the U.S. Conference of Mayors will present a $100,000 check to Affordable Central Texas, Inc. to support the work of the Austin Housing Conservancy Fund, officials wrote in an email.

Scheduled to appear at the event are Mayor Steve Adler; David O’Neil, regional bank president, Wells Fargo; and David Steinwedell, Affordable Central Texas.

“The Austin Housing Conservancy Fund, managed by Affordable Central Texas, is one solution addressing Austin’s affordability crisis,” officials said in a press advisory ahead of the event. “The Fund represents a private equity financing innovation designed to preserve workforce housing apartment buildings by saving them from being gentrified and protecting existing tenants from being displaced. It is the first large scale use of such an economic model and is helping to broaden economic opportunity and resources that enables Austinites to thrive.”

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