Austin approves $21 million for affordable housing developments

The Austin City Council and the Austin Housing Finance Corporation have approved more than $21 million in financing for five proposed affordable housing developments. The funding, sourced from local bonds and housing programs, aims to support the creation of 261 homes across several projects: Rowen Vale, The Lenora, The Maven, Jordan II, and Austin Art Village.

These developments are strategically located near transit hubs, with Rowen Vale planned near a future light-rail stop and others within walking distance of frequent transit. The projects include various income levels, with 54 homes designated for households at or below 30 percent of the median family income. Affordability periods for these units are expected to range from 40 to 45 years.