The original article can be found here.

 

In 2017, the City of Austin bought 1.3 acres of land at the corner of Doris Drive and Hathaway Drive from AISD. The year prior, the district had placed 10 different properties on the market.

The city ended up buying two of those properties for sale — the Doris Drive land and about eight acres on Tannehill Lane. They used the bond voters approved in 2013.

“We looked for properties [that were close] to services, amenities, transportation and schools,” said Mandy DeMayo, Community Development Administrator at the city’s Neighborhood Housing Community Development Department.

She said the Doris Drive tract is across the street from Burnet Middle School, and the Tannehill Lane land in east Austin is near Norman Elementary School.

According to DeMayo, the project will include single-family homes and duplexes. “We are planning eight units total of affordable housing,” she said. “Four will be rental housing. Affordable to folks at or below 50 percent median family income. Four will be single-family ownership opportunities for families at or below 80 percent median family income.”

Austin’s median family income for a family of four is $95,900.

DeMayo said the goal is to have the homes on Doris Drive be ready for move in by Fall 2020. “It’s a pretty ambitious timeline, but we feel like it’s achievable. We understand the need for affordable housing is obviously huge, and we want to do our part to help meet that need,” she said.

Other projects in the works

The city also owns properties on East 10th Street and Funston Street. DeMayo said an accessory dwelling unit is under construction on E. 10th, and the plan is to build a three-bedroom home on Funston Street.

City-owned land that will be used for affordable housing.

They also have plans to collect proposals from developers, so three other lots can be developed.

Those include:

  • Tannehill Lane (the land mentioned above, purchased from AISD)
  • Tillery/Pecan Grove
  • Gardner Road/Levander Loop
City-owned land that will be used for affordable housing.

DeMayo said projects — both big and small — help make a difference.

“Every unit counts,” she said.

The original article can be found here.

Apple campus, Statesman site redevelopment mentioned as major projects to mind

Austin is once again the top market in the country for real estate investment looking ahead to 2020, according to a national study released Sept. 19 by PricewaterhouseCoopers and Urban Land Institute.

The Texas capital climbed up from No. 6 on the last Emerging Trends in Real Estate study. For 2018 it ranked No. 2 and for 2017 it ranked No. 1.

“Development is booming, and the landscape is studded with impactful projects,” the new report states about the Texas capital.

The Austin projects named in the report, which is based on a survey of more than 1,500 real estate professional across the world, are Apple Inc.’s forthcoming $1 billion campus in Williamson County, the transit-oriented development proposed for the Austin American-Statesman site, the new Dell Medical School and a major expansion of Austin-Bergstrom International Airport.

“Capital is abundantly directed toward Austin — so much so that some locals wonder about the underwriting assumptions of outside investors,” the report states. “Transaction activity in Austin is above what you would expect from a market of its size, and 2019’s early results are above the three-year historical average.”

In 2020, Austin will be a solid “buy” market for industrial, office and multifamily properties, according to the 41st annual study from New York-based accounting firm PwC and the nonprofit Urban Land Institute.

Austin first appeared in the top 10 of the study about a decade ago, along with larger, mostly coastal cities such as New York City, Washington D.C. and San Francisco, said Mitch Roschelle, partner at PwC and co-publisher of the report. Initially, people thought Austin’s appearance was a mistake, he said.

“It’s not an aberration at all,” Roschelle said, after studying Austin for years. “[Austin] has almost become a force of nature.”

Austin’s explosive population and employment growth, as well as the continuing diversification of the economy, keep the capital city near the top of the list, Roschelle said.

“The population of Austin is growing at three times the population growth rate of the U.S.,” he said. The MSA is growing by about 45,000 people a year, Roschelle added, citing Census Bureau data. The latest federal numbers, released in April, found that the Austin metro population grew by 53,086 from 2017 to 2018, or about 145 a day.

There’s so much momentum and potential for economic expansion in Austin that if the overall U.S. economy were to slow, the city would get its first opportunity to prove its resilience, Roschelle said. Historically Austin has fared better than many other cities during recessions, although now the Texas capital is more connected to the global economy than ever before.

On the diversification of Austin’s economy, the city also scores highly. It is adding million-dollar businesses faster than any other major metro in the country, according to a recent report from LendingTree. From 2014 to 2016, the number of businesses in the Austin area with revenue of at least $1 million climbed 15.1%.

Paulette Gibbins, executive director of ULI in Austin, agreed that the economy is diversifying. Army Futures Command’s entrance into the city last year “represents quite a diversification of job opportunities within Austin,” she said.

“They come here, and then they also bring in other companies interested in doing work with them,” Gibbins said. “On top of that, Austin has really grown in the bio-tech sector (with the innovation district) and medical school.”

Persistent challenges in Austin are traffic and rising housing costs, according to the report.

Gibbins said Austin is at a “tipping point” as it’s working to update its land use codeimprove public transit and address rising housing costs.

As Austin grows vertically — real estate insiders joke the tower crane is the unofficial city bird — it is also growing horizontally, Roschelle said.

“Suburbs start getting created where there weren’t suburbs before,” he said. “People start commuting from longer distances where the land and homes become more affordable. That’s what tends to happen.”

That’s already happening in the Austin area as median home prices in the city have reached record highs, according to recent data from the Austin Board of Realtors. As a result, thousands of new homes are being built in nearby cities like Pflugerville, Buda, Kyle and Leander.


10 markets to watch in 2020 from Emerging Trends in Real Estate report

1. Austin

2. Raleigh-Durham, N.C.

3. Nashville

4. Charlotte

5. Boston

6. Dallas/Fort Worth

7. Orlando

8. Atlanta

9. Los Angeles

10. Seattle

The original article can be found here.

AUSTIN, Texas — Austin and the Housing Conservancy have been awarded a $100,000 Outstanding Achievement Metropolitan City Community WINS Grant to support the preservation of affordable housing through the Austin Housing Conservancy Fund managed by Affordable Central Texas (ACT).

Additionally, Wells Fargo donated $50,000 from the Wells Fargo Foundation to support the efforts of the nonprofit.

According to the City, the Austin Housing Conservancy Fund is a “significant private equity financing innovation” that is 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.

“We must preserve multifamily rental housing for middle-class families, or we will lose the diversity of people and cultures and the artistic and creative talent that make our city special,” Mayor Steve Adler said. “The loss of affordable housing supply in Austin that has come with our growth hits our teachers, medical workers, first responders, artists, musicians and other such workers hardest.”

The Housing Conservancy is a private real estate partnership with a “mission-driven, charitable non-profit” as its managing partner, according to the City. The City said the conservancy fights market trends by competing in the marketplace to buy mid-age multi-family apartment buildings to preserve them at current rents instead of them being purchased, upgraded and rented at market-rate.

“Preservation of workforce affordable housing units not only helps residents but also stabilizes neighborhoods. When the Austin Housing Conservancy Fund acquires a property, no residents will be displaced,” said David Steinwedell, president and CEO of ACT. “In fact, the Fund will renovate and revitalize properties to ensure that the moderate-income families and individuals can remain for long periods of time, providing stability for area schools and local businesses while improving health and educational outcomes.”

ACT is a 501(c)(3) and is the sponsor and investment manager of the Austin Housing Conservancy Fund. The fund was launched in 2018 with the acquisition of three properties totaling 792 units and serving over 1,200 residents.

The City said the newly-awarded money will allow for the continued growth of the organization and fund to move toward their 10-year goal of preserving over 10,000 units of rental housing for 15,000 residents in greater Austin.

Affordable Central Texas currently has three affordable housing properties that house 1,200 people. They hope to use this grant money to help them buy three more properties.

The video footage of the check presentation and original the original article can be found here.

 

AUSTIN (KXAN) — The Austin Housing Conservancy fund became $150,000 richer Tuesday morning.

Representatives with Wells Fargo and the U.S. Conference of Mayors presented a one hundred grand check at City Hall to Affordable Central Texas (ACT) and Mayor Steve Adler.

But they had a surprise for them — another check worth $50,000 for ACT. Each supports the work of the conservancy fund.

ACT manages the fund. The group sees it as one solution to address Austin’s ongoing affordability crisis. They believe this first use of a large scale economic model helps broaden economic opportunity and resources while enabling Austinites to thrive, per their press release.

Their goal is to preserve workforce housing apartment buildings. According to the release, the fund aims to save them from being gentrified and protect existing tenants so they won’t be displaced.

 

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.”
(Left to right) David Steinwedell, Printice Gary. Images courtesy of Affordable Central Texas

 

By Anca Gagiuc 

One of the nation’s fastest-growing metros, Texas’ capital has seen a consistent flux of businesses and people relocating here, especially from California, drawn by the area’s relatively affordable cost of living, deep talent pool, high quality of life, lower taxes and simpler regulation. A strong demographic expansion has been occurring at a rapid pace, and if on the one hand, it translates into job growth across the board, on the other it places the metro’s core workforce into a deepening affordability crisis.Affordable Central Texas President & CEO David Steinwedell and Dallas-based Carleton Residential Properties Founder, Managing Partner & CEO Printice Gary discussed with Multi-Housing News the affordable crisis threatening Austin, to what extent the federal Opportunity Zone investment program can help ease the issue, as well as approaches to address housing affordability in general.

How would you describe Austin’s multifamily market? How serious is the affordable housing crisis in Austin?
Steinwedell: Austin’s multifamily market is robust, dynamic and meeting the needs of the upper end of the market, and that is the challenge the city is facing. Job and population growth have been dramatic in the metro and the multifamily market has been significantly impacted by that growth as demonstrated by strong rental rate increases and new development activity. The unintended consequence of that growth is that the affordability challenge, previously felt at low- and very low-income levels, has now come to impact moderate-income families and individuals, Austin’s workforce. Teachers, medical workers, first responders and even entry-level professionals like real estate analysts, are all finding it difficult to find reasonably priced multifamily housing that is close to jobs, transit, schools and grocery stores.These properties are the most susceptible to redevelopment as they can easily be updated with new appliances and finishes, and then released at much higher rental rates­, above what those in the workforce can afford. More than 5,000 units per year are being removed from the workforce affordable housing stock by this redevelopment activity. It is not economically viable to build new properties to meet the needs of workforce renters, so the decline in available units is severely squeezing the supply of available rental units.
How difficult is it to obtain public or private financial support to preserve affordable housing in Texas’ capital?
Steinwedell: Affordable housing needs encompass a wide spectrum—from serving the homeless to the low- and very low-income levels and into the workforce. Government programs exist to address some of the needs of the homeless and low- and very low-income segments, but no public programs exist to meet the needs of those in the workforce sector. Moreover, the existing programs for the homeless and low- and very low-income levels are complex, expensive and difficult to access. While they do provide some modest, yet insufficient relief, they require significant expense to access legal expertise and extensive layers of management to successfully administer on the long term.The Austin Housing Conservancy Fund targets a variety of private investment channels to build its comingled asset pool. The Fund was launched with the support of 35 individual investors and is reaching $10 million in invested and committed assets. A significant individual investor has yet to be identified to lead more substantial growth in the Fund, though efforts continue to find that visionary lead. In the meantime, to meet their Community Reinvestment Act requirements, the Fund is working with banks, foundations, social impact funds and other institutional investors who are drawn to the low-risk profile of the Fund.
How does the federal Opportunity Zone investment program help ease the affordability crisis?
What amendments would you apply to make it more efficient?
Gary: Opportunity Zone legislation was born from existing low-income census tract designations and unlike the Low-Income Housing Tax Credit Program, it was not designed specifically to attract private capital for affordable housing development. OZ funds can make equity investments in any asset class located in the OZ. As for the creation of affordable housing in OZs, due to the high cost of new construction, it is unlikely that prevailing rents in the submarket could support the cost basis without subsidies. Regarding preservation, a core requirement is that OZ investments in real estate double the basis of the property within 30 months—substantial rehabilitation indeed.While OZ fund opportunities could help attract a new class of investors (high net-worth individuals and family offices) to community development, it is not clear that affordable housing will be the primary and direct beneficiary. I have heard that numerous Wall Street and private equity firms have already raised billion-dollar funds (commitments) for investments in OZ assets. It will be interesting to watch whether they can fill and how much will be invested in affordable housing real estate.Opportunity Zone fund legislation is brand new and untested. It took Treasury a long time to get the current rules in place and I think it is probably premature to suggest amendments to somewhat of a moving target. Real estate is only one element in the mix and affordable housing has not been targeted.
What are your thoughts on rent control as an approach to address the affordability issue?
Gary: I have never considered rent control as an appropriate means to help cure the affordable housing crisis. The dynamics of the open marketplace tend to be pretty good and efficient indicators of the dimensions of the affordability gap in housing and while not enough, subsidy programs like LIHTC are in place to help mitigate this problem. But LIHTC does not address the affordable housing need beyond the 60 percent AMI threshold and that is exactly what the AHC Fund is designed to address.I would rather see expansion of the existing subsidy programs in place that are working, as well as the creation of new market-driven programs. LIHTC has been the most successful public-private partnership to produce affordable housing in recent history. Consider expanding the LIHTC program to include up to 80 or 100 percent AMI, which would include workforce housing. Additionally, the program is consistently oversubscribed in most markets and perhaps an increase in per capita allocation from the Treasury would be appropriate in order to increase the stock of affordable housing around the country.
What do you think about the City’s latest program—Affordability Unlocked?
Steinwedell: The City Council in Austin has taken some compelling steps to address aspects of the affordability challenge facing the city. The recent approval of the general obligation bonds by the citizens of Austin, coupled with the Affordability Unlocked provisions, will provide the opportunity and capital to address many needs of those earning 50 percent and below of the area’s median income. These programs are a strong and needed step in the right direction for these income segments. We believe that similar steps are required to meet the needs of Austin’s workforce, if additional progress is to be made in the city.
How do you see the affordable housing market evolve in the next five years?
Gary: On the demand side, I see the Central Texas economy continuing to grow at a rate faster than most regions in the country and attracting the workforce segment to help fuel this growth. A significant portion of this workforce will require affordable housing at income levels in the 60-120 percent AMI range, to include workforce housing. When you combine this trend line with the existing pent-up demand for affordable housing at all income levels (less than 120 percent AMI) it does not bode well for expectations that the affordability gap will be diminished in the future. I would anticipate that the affordable housing market in the Austin area will look a lot more like the market in and around Palo Alto, Calif., over the next five years and experience a lot of the same challenges.
What is your investment strategy for 2019?
Steinwedell: We launched the Fund in 2018 with three investments totaling 792 units with more than 1,200 residents. These investments were made in conjunction with excellent partners including the Austin Affordable Housing Corporation, Community Development Trust and Enterprise Partners. Completing transactions with established partners leveraged our initial equity to allow for greater impact. In 2019, we seek to at least double the number of units in the portfolio and gain greater geographic diversity across the City of Austin. The Fund has three properties in various stages of acquisition with the hopes of identifying more prior to year-end. Our hope is to achieve a portfolio of 5,000 units in five years.

The Austin of today is not the one Kelly Strain remembers from when he left more than 30 years ago.

Driving tourists around the city as a Lyft ride-share driver, Strain, 56, said he doesn’t ever remember seeing so many new high-rise buildings, tourists walking around and homeless people sleeping on the streets.

Commuters fill the bridge trying to get into downtown Austin.
Commuters fill the bridge trying to get into downtown Austin.

“When I went to school here so many years ago, Austin was a hidden gem,” Strain said as he drove a Bisnow reporter around the city. Strain lived in Newport Beach, California, before moving back to Austin to take care of a family member a year ago. “This was just a college town.”

Today, Austin is more than just a bunch of students who fill the University of Texas and surrounding colleges.

It is a bona fide metropolis.

Once known only for being Texas’ state capital and for its “Keep Austin Weird” tag line, Austin in recent years has become a major tech hub and an attractive destination for those seeking an affordable lifestyle.

As the city grows, Austin, like other tech regions such as San Francisco and Los Angeles, is grappling with big-city problems — longtime residents are being displaced due to higher rent, traffic congestion is getting worse and there is a growing homeless problem, experts said.

“Austin has grown so furiously, so fast, in such a short amount of time,” Texas Standard Editor Terri Langford said Thursday at the National Association of Real Estate Editors conference in Austin. “With so much growth and housing prices skyrocketing, we’re pushing out the younger workforce and the diverse workforce to the outer edges. That’s something that Austin is slowly grappling with.”

Langford went to school at the University of Texas in the 1980s. She remembers when Austin was mostly a two-industry town — government and university.

Her return 15 years later surprised her.

“The whole skyline has changed,” Langford said.

A sign of Austin outside the University of Texas
A sign of Austin outside the University of Texas

Tech invading Austin is nothing new. The city has had a tech background for decades.

In the 1960s, defense electronics contractor Tracor, IBM and Texas Instrumentsset up headquarters in Austin. In the 1970s, Motorola and the University of Texas’ IC² Institute set up shop. In the 1980s, Microelectronics and Computer Consortium and Dell placed headquarters here, according to BuiltInAustin, an online community that supports tech startups in Austin.

Those tech companies have mostly come and gone.

Today, a new generation of tech companies is emerging.

The downtown skyline displays the names and logos of Google and Silicon Labs. Northwest of downtown, in the Domain mixed-use development, more than 3.4M SF of office space has been built or is under construction, according to the StatesmanFacebookAmazonHomeAway and Indeed have signed leases for office space and/or buildings, the Statesman reports.

In May, Apple announced it would lease a 93K SF building ahead of the construction of a $1B campus on a 133-acre site in North Austin.

The Austin-American Statesman’s Shonda Novak said tech companies are moving in because of the higher-quality — and affordable — way of life. The median price of a single-family home — $407K — is an all-time high in Austin. The price is more than Houston, San Antonio and Dallas. But it is significantly cheaper than the median price for homes sold in Southern California in May: $530K, according to CoreLogic. In San Francisco, the average price of homes sold in May was $860K.

An average one-bedroom apartment could fetch $1,355 in Austin, according to apartment data site RentJungle. Meanwhile, the average rent for a one-bedroom in Los Angeles is $2,491 and $3,600 for San Francisco, RentJungle reports. Nationwide, the average rent price for an apartment is $1,442, according to RENTCafé.

“[Austin] really attracts a lot of people who were priced out of other big tech centers like San Francisco and LA,” Novak said. “They are having such a hard time [finding] housing [in other cities] that they are flocking here.

“For companies in the East and West Coast, they consider us a bargain.”

A construction crew working on a project in downtown Austin, TX.
A construction crew working on a project in downtown Austin, Texas.

As tech companies move in, people are following. Austin’s well-known live music scene, festivals and counterculture idealism have attracted people looking for the American dream.

It was downtown Austin — inside The Armadillo World Headquarters — where Willie Nelson made a name for himself.

It was Austin where a homeless cross-dressing eccentric, Leslie Cochran, ran for mayor three times — finishing second once — and captured the hearts of Austinites. Cochran embodied Austin’s famous “Keep Austin Weird” saying and a statue is being erected in his honor.

Lured by affordability, the eclectic lifestyle and Austin’s natural beauty, people are coming in droves.

The city — the most liberal major metro in the state — has become one of the fastest-growing cities in the country. From 2017 to 2018, about 145 people a day were moving to Austin, according to the U.S. Census Bureau.

In 2010, there were a little more than 800,000 people living in Austin, according to the U.S. census. By 2018, the population ballooned 20% to 964,000 people.

The city’s job market is thriving — largely due to the tech industry — and that is one of the reasons for the influx of new residents, according to USA Today.

Austin’s population is expected to hit 1 million by next year.

As new residents move in, longtime residents are being displaced.

In the past five years, rent has grown by 17.2%, compared to the national average of 13%, according to Curbed Austin, citing a study on Apartment List.

A Freddie Mac report released in June found that only 18% of new apartment units built after 2010 were for very low income households. Prior to 2010, 35% of units built were for very-low-income residents.

“What’s most concerning is that the loss in affordable housing units happened even though Austin’s supply of multifamily housing grew,” Freddie Mac Vice President of Multifamily Research Steve Guggenmos said to HousingWire. “Nearly a quarter of Austin’s units were built after 2009 and a high percentage of these new units are not affordable for very-low-income renters. Like a lot of cities, they just can’t keep up.”

Austin’s homeless situation is getting worse. The number of homeless people in the city reached 2,255, up 5% from the previous year, according to CBS Austin.

Author Ron Seybold shows how large of a flower eccentric and well-known Austinite Leslie Cochran used to wave around in downtown Austin.
Author Ron Seybold shows how large a flower eccentric and well-known Austinite Leslie Cochran used to wave around in downtown Austin.

Last month, the Austin City Council approved a new $8.6M 100-bed homeless shelter. The city is also allowing homeless people to sit, sleep and set up tents on the sidewalk or any public areas as long as they are not blocking a pathway.

Texas Gov. Greg Abbott tweeted he plans to override the council’s ruling.

As Austin boomed, builders didn’t provide enough affordable housing stock for low-income renters.

Lyft driver Jose Gutierrez, 36, moved to Austin three years ago. Originally from Laredo, Gutierrez said she has noticed rent going up and gentrification seeping in.

“You see them on the streets,” Gutierrez said, referring to homeless people. “There are some people being displaced because of all these new developments. But I hope the developments won’t too severely impact longtime residents.”

Michele Sandoval, 63, an information technology project coordinator, moved to Austin eight years ago to start over after getting a divorce.

Sandoval said she loves living in the city.

“People are nice and there are so many things to do,” Sandoval said.

But she also noticed the influx of new residents.

“It’s crazy,” she said. “They can’t build housing fast enough.”

Asked if Austin can keep it weird, she said only if the new residents embrace the city’s eclectic culture.

Writer’s Workshop Director and author Ron Seybold has lived in Austin for 41 years. Seybold recalls a time when the city’s popular Dirty Sixth Street was a collection of skid row dive bars.

Some of the areas around downtown were fruit stands where farmers sold peaches, he said.

The single-family homes in Northwest Austin were selling for $40K and it was so new, Seybold said, tarantulas and scorpions were commonplace.

Seybold predicts as more people come to live in Austin, it will get harder for young families to find an affordable house within the city. He said housing is Austin’s No. 1 problem.

“They are going to move out and further away from the city,” Seybold said. “We’re on a trajectory here to keep people out that don’t have economic wherewithal to get started. I don’t see them fixing the housing problem in the next 10 years.”

However, Seybold does like the influx of new residents and jobs. It is a bit of a Catch-22.

“The world is coming to Austin,” Seybold said. “There’s plenty of talent, imagination and passion. … This is a beautiful place, with a progressive mindset. I think there’s a nice interaction of ideas here that have been established and those that can make those better.”

The grant was awarded at the U.S. Conference of Mayors in Honolulu.

Austin and the Housing Conservancy have been awarded a $100,000 Outstanding Achievement Metropolitan City Community WINS Grant to support the preservation of affordable housing through the Austin Housing Conservancy Fund managed by Affordable Central Texas (ACT).

According to the City, the Austin Housing Conservancy Fund is a “significant private equity financing innovation” that is 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.

“We must preserve multifamily rental housing for middle-class families, or we will lose the diversity of people and cultures and the artistic and creative talent that make our city special,” Mayor Steve Adler said. “The loss of affordable housing supply in Austin that has come with our growth hits our teachers, medical workers, first responders, artists, musicians and other such workers hardest.”

The Housing Conservancy is a private real estate partnership with a “mission-driven, charitable non-profit” as its managing partner, according to the City. The City said the conservancy fights market trends by competing in the marketplace to buy mid-age multi-family apartment buildings to preserve them at current rents instead of them being purchased, upgraded and rented at market-rate.

“Preservation of workforce affordable housing units not only helps residents but also stabilizes neighborhoods. When the Austin Housing Conservancy Fund acquires a property, no residents will be displaced,” said David Steinwedell, president and CEO of ACT. “In fact, the Fund will renovate and revitalize properties to ensure that the moderate-income families and individuals can remain for long periods of time, providing stability for area schools and local businesses while improving health and educational outcomes.”

ACT is a 501(c)(3) and is the sponsor and investment manager of the Austin Housing Conservancy Fund. The fund was launched in 2018 with the acquisition of three properties totaling 792 units and serving over 1,200 residents.

The City said the newly-awarded $100,000 grant will allow for the continued growth of the organization and fund to move toward their 10-year goal of preserving over 10,000 units of rental housing for 15,000 residents in greater Austin.

The grant was awarded to the City and the Housing Conservancy at the U.S. Conference of Mayors in Honolulu on Sunday.