Non-Profits Plan for Affordable Housing in Guadalupe and Blackshear Neighborhoods

Two local non-profits are continuing efforts to offer affordable housing to Austinites by building 10 new homes in the Guadalupe and Blackshear neighborhoods. Today's approval by the Austin Housing Finance Corporation?s Board allows the Guadalupe Neighborhood Development Corporation (GNDC) and the Blackshear Neighborhood Development Corporation (BNDC) to receive zero percent, repayable, Community Housing Development Organization (CHDO) loans to cover hard costs associated with construction and financing assistance for first-time homebuyers. The hard cost portion will be repaid by the non-profits upon sale of each home.

GNDC is a certified CHDO known for creating affordable housing by rehabilitating and/or constructing homes in the Guadalupe neighborhood. GNDC plans to build four homes ranging between $95,000 and $120,000. Eligible buyers will be offered principal buy-down assistance thereby lowering prices between $70,000 and $85,000. The principal buy-down and closing cost assistance will be in the form of a deferred loan which will be repaid upon sale of the home, refinancing, death or upon full payment of the first mortgage.

BNDC, also a CHDO, creates and rehabilitates affordable homeownership and rental housing, but focuses on the Blackshear neighborhood. BNDC will build six homes ranging between $60,000 and $80,000 including the principal buy-down assistance. The new homes in Blackshear will help strengthen neighborhood stability and increase property tax revenue.

All 10 of the two- to four-bedroom homes are S.M.A.R.T.Housing^TM compliant and will be visitable and adaptable for persons with mobility, sight or hearing disabilities. The homes will be made available to first-time homebuyers who earn at, or below, 80 percent of the Median Family Income (MFI) (about $56,500 for a family of four). At least five of the homes will be marketed to those earning at, or below, 60 % of the MFI (about $42,650 for a family of four).

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)