Rent continues to rise exponentially in Central Texas. To combat the rising cost of living, a partnership is aiming to make apartment living more affordable for lower-income residents in Austin.

In early 2023, the Austin Housing Finance Corporation, a department of the city council, partnered with nonprofit Affordable Central Texas to purchase seven apartment buildings. The buildings, located around Austin’s historic Hyde Park, were converted into low-income housing for Austinites.

Those interested in the apartments can qualify for the cheaper rent, which would be based on their annual household income as a percentage of the area’s median family income, Monica Media, president and CEO of Affordable Central Texas, told MySA. In Austin, the median family income is $122,300, and the current average rent is $1,707, according to HousingWorks Austin, an affordable housing advocacy organization.