Just in time for the holidays: HACA subsidiary, Austin Affordable Housing Corp., partners with the CDT and CPC Mortgage Company to unlock affordable housing in Northwest

Date Published: 
December 15th, 2021

From the Housing Authority of the City of Austin's press release:

The Austin Affordable Housing Corporation (AAHC), a subsidiary of the Housing Authority of the City of Austin (HACA) in partnership with the Community Development Trust (CDT), today announced the purchase of the Bridge at Ribelin Ranch Apartments in northwest Austin near Lake Travis. CPC Mortgage Company LLC (MoCo) provided Fannie Mae financing to assist in the acquisition. Through this partnership, AAHC and CDT will create 175 newly restricted affordable units, helping to increase the supply of much-needed quality affordable rental housing in Austin.

This announcement reflects a commitment to bring affordable housing to all parts of Austin by the AAHC, HACA's nonprofit affiliate, and the CDT, a mission-driven affordable housing preservation equity investor. The purchase of the Bridge at Ribelin Ranch will ensure a long-term commitment to affordable housing in an area with a shortage of options for families in need.

"While the economy in Austin continues to grow at an unprecedented pace, the availability of affordable housing has not," said Mike Gerber, HACA CEO. "At HACA and AAHC, we are committed to finding innovative solutions to the housing shortage in our city. Adding these high-quality affordable units will connect more families to better housing options, schools and employment opportunities."

Read HACA's press release. 

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