Nonprofits can apply for loans for land and affordable housing construction
AUSTIN, Texas – The City of Austin’s Community Acquisition Program is accepting applications from nonprofits to help increase the supply of affordable housing.
The program provides zero-interest loans, both recoverable and non-recoverable, to qualifying nonprofits so that they can acquire land to provide more affordable housing in the city of Austin.
Loans are available on an ongoing basis until all available funds are exhausted, according to the city.
To be eligible for a loan under this program, the following criteria must be met, says the city:
- Eligible owner entity: Funds provided will be reserved exclusively for 501c3 registered non-profit organizations with experience in the acquisition of real estate, development, renovation, rental and sale of affordable limited-income housing for low-income households. in the city of Austin.
- Permissible use: The funds provided will be used exclusively for the acquisition of vacant and improved real estate on small sites to be developed, renovated, rented and sold to qualifying low-income households in the city, at an affordable rate for a period of time. ‘at least forty or ninety-nine years for rental housing and owner-occupied housing, respectively. At least half of existing or future housing units on property purchased with ADCAP funds will be reserved as eligible affordable units.
- Eligible location: Funds provided will be reserved exclusively for qualifying use by a qualifying owner entity in gentrification areas not exceeding one mile from a proposed Project Connect bus or rail line.
Organizations interested in applying for funding must join the program guidelines and submit a completed application to Housingdevelopment@austintexas.gov.
The community acquisition program is funded by Project Connect Anti-Displacements funds approved by city voters as Proposal A in the November 2020 ballot. Funding for the program is available for eligible nonprofits. for the 2021-2022 fiscal year.
Those who need more information can contact the Housing and Town Planning Department.
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