Luxe Austin Homes - affordable housing

"Austin's affordable housing efforts could be thrown off by new Texas law"

Austin Business Journal reports, "A new state law set to take effect in the fall could throw a wrench in Austin’s plans to incentivize more affordable housing. 

That’s according to the director of Austin's planning department, Lauren Middleton-Pratt, who wrote in a July 28 memo to city leaders — as the city is updating its density bonus programs — that a new state law will require the city to re-evaluate how it incentivizes new income-restricted housing units. 

The new state law is Senate Bill 840, which was passed during the 89th Texas Legislature and allows for mixed-use residential housing on any land that’s zoned for office, commercial, retail, warehouse or existing mixed-uses without needing a zoning change approved by a city. The legislation,…

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"Austin nonprofit sets $10M fundraising goal to build affordable housing for creatives"

Austin Business Journal writes, "An Austin nonprofit aims to raise $10 million to develop affordable housing projects for the city’s musicians and others in its creative class.

The Chestnut Neighborhood Revitalization Corporation is launching the capital campaign for a new initiative called Pathways to Ownership, with the goal of funding three affordable housing projects throughout Austin.

The organization plans to use $7 million for land acquisition costs and the other $3 million for construction and growth efforts. If successful, the campaign will add 300 affordable units to the city — 100 per location, although details aren't finalized, said Sean Garretson, CNRC president and planning and development manager of Pegasus Planning and Development.

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"Fresh Out of College? These Are the 10 Best Cities Where Graduates Can Actually Afford To Rent"

Realtor.com shares, "College graduates embarking on careers and setting up homes in new cities might not think of Austin, TX, as the most affordable place to live—but that would be a mistake.

It has everything a young adult could want, including job opportunities, shorter commutes to work, and plenty of amenities like cafes, restaurants, and nightlife, according to the latest Realtor.com® report.

The median monthly rent now stands at $1,450, under the national median of $1,699.

"Austin stands out as the top-ranked city thanks to its strong performance across multiple factors that matter most to recent college graduates—including relatively affordable housing, robust job prospects, a larger peer network, and a lively, culturally rich…

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"A solution to housing affordability in Austin?"

Austin Business Journal writes, "Build-to-rent neighborhoods cropping up all around Austin could be one solution to the metro’s crisis-level shortage of affordable housing, some experts contend.

Developers like Arizona-based NexMetro Communities and Empire Group of Cos. have build-to-rent projects set to open here soon. The neighborhoods — which consist entirely of single-family homes built for rental use — are largely in the suburbs, such as Empire Group's projects in Hutto and NexMetro's projects in Liberty Hill and Georgetown.

Empire Group partner Randy Grudzinski said the model is intended to address affordability by offering something between renting an apartment and owning a home.

Build-to-rent homes "allow people to have an interim…

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"Habitat for Humanity's Carter Work Project targets Whisper Valley for affordable homes"

Austin Business Journal shares, "In its latest effort to help address Austin's affordability crisis, Habitat for Humanity plans to build more than two dozen homes in East Austin’s Whisper Valley community and make them available at below-market prices, with hundreds more planned throughout the metro over the next several years.

The nonprofit is doing so in Whisper Valley through its 2025 Carter Work Project, an annual event that started in 1984 when President Jimmy Carter volunteered with Habitat to build and renovate homes. In Austin, the project will see 25 homes built in a single week this year, with prices starting around $150,000.

“When we think about the Carter project, it’s really about not just a local story, but a national and…

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"Austin leads the nation for developing private affordable housing"

CultureMap Austin writes, "Most people like a bargain, particularly money-conscious renters in the Austin area, where rents continue to be stubbornly high. According to RentCafe, the average Austin apartment rent recently stood at $1,691, compared with the statewide average of $1,449. Fortunately, rent relief is on the way: Austin is a hotspot for affordable housing, according to a new study.

The report from data provider Yardi Matrix shows the Austin metro area leads the nation for the number of “fully affordable” apartments and other multifamily housing units under construction by private real estate developers (not by government agencies). Austin ranks first on the list with 2,717 units under construction, followed by Miami with 2,687 and Los…

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"Austin to deliver more affordable housing in 2025 than any other US city, study says"

Austin Business Journal reports, "Austin is expected to deliver more affordable multifamily housing units than anywhere else in the country in 2025, and it still may not be enough.

With housing affordability a major issue both in Austin and across the country, 2025 is expected to see 78,377 affordable multifamily housing units delivered nationally, with 3,452 units in Austin alone, according to a new report from Yardi Matrix. Los Angeles is expected to deliver the second-most affordable units this year, at 2,752.

Even with nation-leading construction, however, worries persist that Austin still won't have enough. In addition, rising development costs and other issues could reduce the number of new units in coming years.

Affordable multifamily…

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"New South Austin development offers 23 townhomes for $270,000 or less"

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…

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"Public-private partnerships seen as key to affordable housing development in the metro"

Austin Business Journal writes, "With a lack of affordable housing among the most pressing problems affecting Central Texas, public-private partnerships have become a necessary tool to help solve it.

That's the view of Nick Walsh, vice president of development at The NRP Group, a for-profit developer of multifamily and affordable housing projects currently engaged in a number of public-private partnerships. Such partnerships are delivering thousands of housing units priced at levels deemed affordable, based on the region's median income levels.

The price of land is just too steep to make regular math work, real estate experts have lamented for years. Relationships that offer tax breaks and other perks only found via the public realm are pretty…

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"New affordable housing complex in Austin has rentals starting at $600"

CultureMap Austin shares, "A new affordable housing complex is now open in South Austin.

Parker Lane Apartments officially opened on the morning of Saturday, November 16, and is now accepting applications.

Nonprofit Foundation Communities said its goal is to bring more affordable housing for families to the city.

Rent prices start as low as $600 and are income-based. On top of an affordable apartment, the community also offers sustainable green features and on-site services such as a healthy food pantry and a no-cost learning center for after-school and summer programs.

"The on-site learning center is primarily for residents but also open to the public. It is a no-cost service to residents that will take away the pressure and the stress…

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