State Housing Agency Provides Lift to East Austin's Affordable Rental Market
The Texas Department of Housing and Community Affairs (TDHCA) awarded funds to help finance the redevelopment of an existing affordable rental property in East Austin. The TDHCA awarded $296,912 in housing tax credits to private developers acquiring and rehabilitating the 130-unit Elm Ridge Apartments. Because the credits provide a dollar value for a 10-year period, the final credit award amount will equal nearly $2.9 million in financing.
The development team, which includes the nonprofit Neighborhood Housing Development Corporation, will utilize the credits in conjunction with $5.2 million in mortgage revenue bond proceeds from the Austin Housing Finance Corporation to make the necessary repairs.
Elm Ridge Apartments will serve households whose annual income does not exceed 60 percent of the area median family income, which for Austin and Travis County equals an annual income of $43,980 for a family of four.
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