Acquired Lots Earmarked for S.M.A.R.T. and Affordable Housing

Austin,Texas: Today, the Austin Housing Finance Corporation (AHFC) Board approved an action to acquire 21 lots in a subdivision that will offer additional affordable housing for Austin residents. The Heritage Village subdivision will total 51 lots located just east of MLK and Hwy. 183, which is an extension to the existing Heritage Park in the Cavalier neighborhood.

Heritage Village will feature S.M.A.R.T. housing homes built by various local builders including the Austin Housing Finance Corporation (AHFC), Huffman Homes, small builders and non-profit organizations. The homes will vary from two to five bedrooms, and range from $70,000 to $125,000. Of the 21 lots constructed by the AHFC, all of the units will be marketed to families earning 80 percent of the Median Family Income or about $56,500 for a family of four.

"We are proud of our participation with Richard Huffman and are pleased to help expand his ability to bring a quality product to the market," said Paul Hilgers, Community Development Officer. "He has served our community well and is a model for other builders who are interested in making money building S.M.A.R.T. Housing in Austin. Heritage Village will offer a high quality neighborhood and more options for Austin's homebuyers," he said.

The developer, Huffman Homes has over a decade of experience in the construction of mixed-income housing, and is using private financing from Wells Fargo Bank in the amount of $1 million for infrastructure development, which was approved by the AHFC Board in May 2002. The private loan will be repaid by proceeds earned from the sale of lots in the subdivision. Any revenue generated in excess of the loan repayment amount, will be used for other affordable housing developments.

The Neighborhood Housing and Community Development Office's mission is to provide housing, community development, and small business development services to benefit residents so they can have access to livable neighborhoods and increase their opportunities for self-sufficiency.

The Austin Housing Finance Corporation was created in 1979 and assists Austin citizens with first-time homebuyer and home repair programs. The AHFC's primary mission is to generate and implement strategic housing finance solutions to benefit low-and moderate-income residents of the City of Austin.

The City of Austin is committed to compliance with the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act of 1973, as amended. Reasonable modifications and equal access to communications will be provided upon request. Please call 974-3100 (voice) or 974-3102 (TDD) for assistance. This project is made possible by funding from HUD through the City of Austin.

CONTACT: Julie Beggs, (512) 974-3121 (voice) or (512) 802-7108 (pager)