Austin nonprofit raising millions to preserve affordable housing

Affordable housing: Millions raised in Austin

A local nonprofit is raising millions of dollars to preserve affordable homes in Austin, thanks to a collaboration of investors, community partners and other non-profits.

AUSTIN, Texas - A local nonprofit is raising millions of dollars to preserve affordable homes in Austin thanks to a collaboration of investors, community partners and other nonprofits.

PNC Bank has joined the effort by committing millions of dollars to the organization this week, all in support of affordable housing.

"PNC has decided to invest this $10 million as a part of a broader kind of community development in reinvest plan that they are working on throughout the country," said the president and CEO of ACT and Austin Housing Conservancy Fund, Monica Medina.

Affordable housing development breaks ground

The City of Austin broke ground on a new affordable housing development in East Austin. It's called the Seabrook Square Multi-family Development.

According to the organization, the funds are being used to invest in and preserve multifamily properties and apartments for moderate and middle-income individuals.

"What we are targeting is the missing middle, so people who are making too much to qualify for government subsidy, which is generally considered kind of under 60 percent of the medium family income range, but are in that 60 to 120," Medina said.

The program aims to assist teachers, first responders, maintenance professionals and others that need income-based living arrangements.

"What we are doing is purchasing these properties and holding them affordable for generations, so our rent increases go up with the median family income increases and not what the market is doing," Medina said.