The new development is designed to move the conversation about affordable housing from renting to owning. Rendering courtesy of Mark Odom Studio via KVUE

CultureMap Austi shares, "Applications are now open for a new affordable townhome community in South Austin slated to be completed in March.

The development, called Industry Soma, is located near William Cannon Drive and South Menchaca Road, at 1905 Keilbar Ln.

The 23 townhomes are a collaboration between developer Industry ATX and the Austin Housing Finance Corporation. Prices will range from $235,000 to $270,000, with the goal of providing the opportunity for homeownership and attracting and retaining families with generational ties to the neighborhood.

“We are grateful to support a townhome community that will provide prospective buyers with an affordable option for homeownership. Affordable home ownership is important to Austinites, helps create stability and helps families build generational wealth,” said Mandy DeMayo, the interim director for the Housing Department.

The homes will be sold to families earning up to 80 percent of the median family income for the Austin metro area. The developer said the goal of the community is to provide affordable housing that is focused on single-family homes, not rental units.

“When people think about affordable housing, they think about rentals, but they don’t think about affordable home ownership,” said Megan Etz, head of operations for Industry ATX."


Source: CultureMap Austin

Written by: Jeff Bell

Published: February 3, 2025

Posted by Grossman & Jones Group on

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