A new $70 million investment to turn a 452-unit Southeast Austin apartment complex into affordable housing is the latest effort by Austin's housing authority to expand its real estate footprint, those associated with the deal say.
The Community Development Trust, a national group that provides capital for affordable housing projects, announced that it is helping the Austin Housing Authority buy the Asher Apartments complex, southeast of Interstate 35 and Slaughter Lane.
The housing authority's nonprofit branch, the Austin Affordable Housing Corp., will operate the complex as The Bridge at Asher Apartments. It will restrict rentals to people making 80% of the Austin area median family income or less. Median family income in the metro area last year was $60,200 for an individual and $86,000 for a family of four.
Additionally, the complex will give first priority to people using housing vouchers, which are given to tenants making 30% of the average median family income or less, said Michael Gerber, CEO of the housing authority, which has a city-appointed board but is not part of the city.
Read Statesman's article "As Austin rents rise, housing authority tries ‘radical’ solution," featuring the Housing Authority of the City of Austin.