Freddie Mac tracks multifamily rental affordability at the unit level by comparing area median income (AMI) data from the Federal Housing Finance Agency (FHFA) with rent data from the American Community Survey (ACS)i. The basic finding is that population growth is negatively correlated with an area’s ability to preserve affordable housing.
TAAHP member CommunityBank of Texas partnered with Bethlehem Baptist Church in Mansfield, Texas to build a 135-unit affordable housing apartment complex for seniors.
It comes as no surprise to affordable housing providers that even one of the most “affordable” communities in Texas is relatively unaffordable for the residents living there.
With Williamson County experiencing a 24-month to 48-month waitlist for affordable rental housing, a new grant of more than $1.4 million to build and preserve affordable housing in the county couldn’t have come at a better time.
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.