(Credit: Austin Community Foundation)
Austin Community Foundation announced Tuesday a $250,000 investment in the Austin Housing Conservancy Fund — a social impact private equity fund managed by Affordable Central Texas — to preserve affordable multifamily rental housing for moderate- and middle-income Austinites.
“While Austin continues to experience exponential growth and economic prosperity, not all Central Texans have the same access to opportunity,” Mike Nellis, chief executive officer, Austin Community Foundation, said. “By partnering with the Austin Housing Conservancy Fund, we are leveraging our resources to help keep educators, artists and other essential members of our workforce from being priced out of Austin.”
The $250,000 from Austin Community Foundation will provide a line of credit to support the Fund’s momentum in purchasing apartment communities serving residents earning between 60 to 120 percent median income as defined by the U.S. Department of Housing and Urban Development, which equates to $34,200 to $68,400 for an individual.
“Preserving stable housing for Austin’s workforce provides a positive impact to all who live in Central Texas”, David Steinwedell, president and CEO, Affordable Central Texas, said. “We are honored to obtain this investment by Austin Community Foundation through FundATX. The revolving line of credit will increase our ability to acquire properties quickly and can be easily expanded through additional participants to increase its effectiveness.”
Recently, Austin Community Foundation announced a call for investors to join FundATX, which aims to improve the economic security of Central Texans. Since January, the Foundation has raised approximately $500,000 from local business leaders and philanthropists, and the fund now has approximately $2.5 million committed.
