The City of Austin has created a private investment fund called the Housing Conservancy Fund for the specific purpose of preserving mid-aged affordable housing multi-family rental property. According to its website the The Austin Housing Conservancy is a private equity open end fund that will invest equity from high net worth individuals, foundations, banks, and institutional investors primarily in existing multifamily communities targeted at workforce individuals and families. The Austin Housing Conservancy fund will limit rent rate increases to Austin area wage growth, thus “bending the cost curve.”
The Fund will:
- Target multifamily housing serving individuals and families earning between 60% – 120% of median income and preserve them as affordable
- Invest in geographically diverse locations with access to transit, good schools, green food choices, and health care
- Provide stable housing to individuals and families to allow them to achieve improved health, educational achievement and lower stress and obesity rates
The fund was launched in 2018 with the acquisition of three properties totaling 792 units and serving over 1,200 residents. On June 30th, the City was awarded $100,000 toward the fund. The City said the newly-awarded $100,000 grant will allow for the continued growth of the organization and fund to move toward their 10-year goal of preserving over 10,000 units of rental housing for 15,000 residents in greater Austin.