Non-profit organizations can apply for loans for construction of land and affordable housing

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 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 considered eligible for a loan under this program, the following criteria must be met, specifies the city:

  • Eligible owner entity: The 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 should adhere to the program guidelines and submit a completed application to [email protected]

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.

___
MORE TITLES:
Extending eviction protections for tenants in Travis County due to COVID-19 pandemic
Austin “faces unprecedented housing crisis,” says city council
Some residents are leaving Austin as the city becomes increasingly unaffordable
Rent prices are rising rapidly in the United States, experts say
___
DOWNLOAD: FOX 7 AUSTIN NEWS APP
SUBSCRIBE: Daily Bulletin | Youtube
TO FOLLOW: Facebook | Instagram | Twitter



Source link

Comments are closed.