AUSTIN – The Austin Housing Conservancy, Austin Housing and Planning Department, and the Austin Housing Finance Corp. (AHFC) are working to convert seven properties into affordable housing.
The partners bought:
- Central Park Apartments, 6008 and 6010 North Lamar Blvd., 109 units;
- Siesta Place, 609 E. 45th St., 12 units;
- Villa Del Rey, 4000 Avenue A, 33 units;
- Midway, 4100 Avenue A, 14 units;
- Fiesta 1 and 2, 4200 and 4208 Avenue A, 46 units;
- Del Mar, 4415 Avenue B, 10 units; and
- Tom Thumb, 4209 Speedway, 12 units.
The properties, all located within a quarter mile of public transit, will provide housing to households earning less than 80 percent of the median family income level, with many units affordable for those earning as low as 50 percent MFI.
The seller was Austin-based Central Properties Inc. The deal gives AHFC its first properties in City Council District 7 and District 9, in the Brentwood and Hyde Park neighborhoods.
The $34.9 million acquisition is financed with nearly $15 million from AHFC’s general obligation bonds, plus some debt financing from the conservancy.
More than $2 million will be used to renovate the properties by the end of 2025.