Austin Housing Finance Corporation acquires 7 apartment complexes for affordable housing

The agency is acquiring the following seven apartment complexes, plus a small office building, adding a total of 234 units to its portfolio:

Central Park Apartments – 6008 and 6010 North Lamar Blvd. 

• 109 units

Siesta Place – 609 E. 45th Street 

• 12 units

Villa Del Rey – 4000 Avenue A 

• 33 units

Midway - 4100 Avenue A 

• 14 units

Fiesta 1 & 2 - 4200 and 4208 Avenue A

• 46 units

Del Mar – 4415 Avenue B 

• 10 units

Tom Thumb – 4209 Speedway 

• 12 units

The agency is partnering with the Austin Housing Conservancy Fund (AHCF), which focuses on purchasing and preserving multifamily properties to maintain affordable rental rates. It is managed by the nonprofit Affordable Central Texas (ACT).

City staff say the average rental rates at the properties will be aimed at households earning less than 80% of the median family income.

“This portfolio of properties demonstrates our commitment to preserving existing affordable – subsidized and naturally occurring – multi-family housing,” said Rosie Truelove, director for the City of Austin Housing Department. “We are pleased to partner with AHFC and ACT as we continue to address the ongoing issues of affordable housing.”

As authorized in December 2022, AHFC partnered with ACT to purchase the $34.9 million portfolio, of which AHFC contributed $14.9 million in 2018 General Obligation Bond dollars.