ASAN (KXAN) – Austin City Council is expected to start the process of establishing a housing fund aimed at attracting charitable resources to our city to pay the costs of maintaining housing that occurs naturally.
The idea came from Austin Mark Duchene, after Austin’s leaders realized that they had gaps in affordable housing incentives programs – specifically, DB 90, which allows developers a longer construction in exchange for reasonable units.
But in the case of at least an Austin residential complex, the slopes of Aquassia, that means allowing the demolition of the affordable housing that was already present, and the construction of a new complex was longer (while fulfilling the requirements for the ability to withstand the cost of DB 90), led to a net loss of units at reasonable prices.
“Someone can motivate to destroy housing that occurs naturally in order to build additional housing … some at reasonable prices and some are not.”
The housing fund can help in cases such as providing real estate owners to repair real estate in exchange for staying in these units at reasonable prices.
“It is not necessarily buying the rent, it says to Malik, without disrupting the market, saying:” O owner, if you are interested in selling your property because postponed maintenance and capital improvements are very important, we have a source of grant that we can give you to make capital improvements against property to ensure cost ability. “
Austin is not the first city to think about a reasonable housing box. In fact, Johnson helped Dallas to create a similar box in 2021, where he was working at that time.
Johnson said: “We have simply benefited from six million dollars as part of the foundation building to attract private charitable dollars to Dallas,” Johnson said. “It seems complicated, but it was so simple.”
According to Dallas Housing Fund (DHOF) websiteThe Dallas Fund is now more than $ 40 million due to the contributions of the private sectors and banking services. The site also says there are $ 60 million in the pipeline.
In Dallas, the fund aims to “produce at least 1500 housing units at reasonable prices by establishing new costly units, rehabilitation, or rehabilitating reasonable units in or before December 31, 2031”.
Where will the money go in Austin when this box is running? Johnson explained this as a trilogy.
Johnson said: “Trifecta will be: a source based on Noah (naturally affordable housing) to help with capital improvements … We will look at a low -cost box to help with the new construction and component of services,” Johnson said.
There is a challenge that the city will face, according to Johnson, is that it will have to compete with the fast market. Although developers may expose and rebuild a property directly, which requires less action in looking at the current structure bones, the city will need to compete with these developers, while also ensuring that the current complex is sufficient.
Austin City Council will take this item on Thursday at its meeting.