• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007.

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
Search
You are here: Home / News / New Downtown Affordable Housing Initiative
Search suggestions: condos for sale • rainey street

New Downtown Affordable Housing Initiative

towers staff March 4, 2008 Comment

As the downtown development boom has driven downtown land and housing prices upwards, the calls have been strengthening for the City to take definitive action on affordable housing o ensure that downtown remains diverse and affordable to as a broad a segment of the population as possible. With the opportunity to control development of a huge swath of downtown land, the City is using its leverage to ensure that the project include affordable housing units.

As part of the initiative, the City is building a comprehensive affordable housing program around the large-scale development of the Green Water Treatment Plant between Seaholm and the second street district. The program has two primary components. First, to ensure that at least 10% of units are affordable to households earning less than $42,000 for a 1-2 person family (80% of the area median income), the City is reducing land prices and requiring developers that developers who want to participate in the project include affordable housing units. Second, the city will dedicate 40% of property taxes generated by the project to a housing fund which will provide subsidies to make additional units affordable.

The City plans to choose a developer in June.

Here is a summary from the Statesman:

City leaders have urged developers to build more affordable housing downtown with little success. Now, Austin plans to put its money where its mouth is with the upcoming sale and redevelopment of the Green Water Treatment Plant and nearby Austin Energy property.Blunting the developers’ argument that land and building costs downtown are just too high, city officials plan to give them no choice but to include low- to moderate-priced housing in the redevelopment of the nearly four city blocks and as a result almost certainly will make less on the land sale.”We’re not in the business of making money,” Council Member Brewster McCracken said. “We’re in business to achieve public values and goals.”The city also plans to directly subsidize additional units for even lower-income families and dedicate 40 percent of the property taxes generated by the redevelopment project to its affordable housing fund.”I just think it’s an opportunity to have much of both worlds: a lot of tax base delivered, hopefully a significant measurable one-time capital gains in the land sale and then a series of other community goals,” Mayor Will Wynn said.

Related

Filed Under: News

About towers staff

Real estate, architecture, and city planning. Email: austin@towers.net

109 E 10th Street
Austin, TX
Photo of 109 E 10th Street, Austin, TX 78701 (MLS # 6369878)
$3,200,000
24
  • Lot Size
    2,614 sqft

  • Home Size
    4,916 sqft

  • Beds
    7 Beds

  • Baths
    4 Baths

Previous Post: « BartonPlace Approved by City, To Begin Construction
Next Post: Economist: Downtown Condo Market To Remain Strong »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

Featured Buildings

  • 360 Condos
  • The Independent
  • 70 Rainey
  • Milago Condos
  • Seaholm Condos
  • The Shore
  • W Hotel & Residences

FEATURED Listings

54 Rainey Street #1118
Austin, TX
Photo of 54  Rainey Street #1118, Austin, TX 78701 (MLS # 2023262)
$995,000
37
  • Lot Size
    436 sqft

  • Home Size
    1,956 sqft

  • Beds
    2 Beds

  • Baths
    3 Baths

210 Lavaca Street #3110
Austin, TX
Photo of 210  Lavaca Street #3110, Austin, TX 78701 (MLS # 4018098)
$1,075,000
40
  • Lot Size

  • Home Size
    1,423 sqft

  • Beds
    2 Beds

  • Baths
    3 Baths

800 W 5th Street #808
Austin, TX
Photo of 800 W 5th Street #808, Austin, TX 78701 (MLS # 4895650)
$1,699,900
40
  • Lot Size
    436 sqft

  • Home Size
    2,422 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
109 E 10th Street
Austin, TX
Photo of 109 E 10th Street, Austin, TX 78701 (MLS # 6369878)
$3,200,000
24
  • Lot Size
    2,614 sqft

  • Home Size
    4,916 sqft

  • Beds
    7 Beds

  • Baths
    4 Baths

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Browse Condo Listings

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Avenue Lofts
  • Brazos Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Austin city life since 2007 · Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2021 TOWERS.net · All Rights Reserved