Bonds mean more affordable housing for Austin residents

Austin, Texas (November 8, 2006) – Austin voters showed their support for affordable housing in the bond election last night by passing Proposition 5 which will provide $55 million for the creation of more affordable housing. The bond money will be allocated over seven years and will allow the Department of Neighborhood Housing and Community Development (NHCD) to create housing for a wide range of income levels.

The majority of the bond money, $33 million, will be used to create special needs housing, affordable rental units, and housing with supportive services for people transitioning out of homelessness, elderly on fixed incomes and people earning minimum wage. The bonds will allow a deeper level of affordability for families with income levels between 30 and 50 percent of the Median Family Income (MFI), $21,350 and $35,550 for families of four.

The remaining $22 million will be used to finance repairs for homeowners with fixed or low incomes and create affordable homeownership opportunities for first-time buyers and working families earning 50 to 80 percent MFI ($35,550 and $56,900 for families of four).

“Because we know these funds are available, and not subject to budget cuts, it greatly increases our ability as a community to plan, leverage and be creative on how these dollars will be used over time,” said Margaret Shaw, Deputy Director of NHCD. “We are proud of, and appreciate the confidence the citizens of Austin have placed in the City to create more affordable housing for more Austin residents.”

Housing plays a vital role in every community and is a critical component of an individual’s success. Shelter is a need as basic as food and clothing. “Quote from Mayor,” said Mayor Will Wynn.

NHCD will work with both private developers and area non-profits to create affordable housing in neighborhoods and key development areas. Housing advocates and non-profits have worked for years to make these funds a reality and will be instrumental in reaching affordability goals.

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: Jackie Mayo, AHFC, 974-3121 (voice), 802-7108 (pager)