Nonprofits can apply for loans for land, affordable housing construction

AUSTIN, Texas - 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-percent interest loans, both forgiveable and non-forgiveable, to eligible nonprofits, so they can acquire land in order to provide more affordable housing in the city of Austin.

Loans are available on a rolling basis until all available funds are exhausted, says the city.

Austin "is facing an unprecedented housing crisis," city council says

The City of Austin needs at least 135,000 additional housing units in the city over the next decade to meet housing needs, according to a resolution.

To be considered eligible for a loan through this program, the following criteria must be met, says the city:

Eligible Owner Entity: Funds provided shall be reserved exclusively for registered 501c3 non-profit organizations with experience acquiring real property, developing, renovating, leasing and selling income-restricted housing affordable to low-income households in the City of Austin.
Eligible Use: Funds provided shall be reserved exclusively for the acquisition of vacant and improved real property on Small Sites to be developed, renovated, leased, and sold to Qualifying Low-Income Households in the city, at an Affordable Rate for a period not less than forty or ninety-nine years for rental and owner-occupied housing, respectively. At least one-half of the existing or to-be-developed dwelling units on a property purchased with ADCAP funds shall be reserved as Qualifying Affordable Units.
Eligible Location: Funds provided shall be reserved exclusively for an Eligible Use by an Eligible Owner Entity in gentrifying areas no more than one-mile from a proposed Project Connect bus or rail line.

Organizations interested in applying for funding should adhere to the program’s guidelines and submit a completed application to housingdevelopment@austintexas.gov.

The Community Acquisition Program is funded with Project Connect Anti-Displacements funds approved by city voters as Proposition A on the November 2020 ballot. Funds for the program are available for qualified nonprofits for the 2021-22 fiscal year.

Those needing further information can contact the Housing & Planning Department.

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