December 9, 2022

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Nonprofits can apply for loans for land, affordable housing construction

The Metropolis of Austin’s Community Acquisition System is accepting purposes from nonprofits to aid enhance the offer of inexpensive housing.

The application offers zero-per cent desire loans, both of those forgiveable and non-forgiveable, to suitable nonprofits, so they can purchase land in buy to supply more very affordable housing in the city of Austin.

Loans are obtainable on a rolling basis until finally all obtainable money are fatigued, suggests the city.

To be deemed eligible for a personal loan as a result of this system, the following conditions should be achieved, says the metropolis:

  • Qualified Operator Entity: Money provided shall be reserved completely for registered 501c3 non-revenue organizations with working experience acquiring authentic assets, developing, renovating, leasing and offering income-restricted housing cost-effective to very low-profits homes in the Town of Austin.
  • Eligible Use: Money delivered shall be reserved solely for the acquisition of vacant and improved authentic property on Small Web-sites to be produced, renovated, leased, and offered to Qualifying Reduced-Earnings Homes in the town, at an Affordable Price for a interval not much less than forty or ninety-nine a long time for rental and operator-occupied housing, respectively. At minimum a single-50 percent of the present or to-be-designed dwelling units on a house obtained with ADCAP cash shall be reserved as Qualifying Cost-effective Models.
  • Qualified Spot: Resources provided shall be reserved exclusively for an Eligible Use by an Suitable Owner Entity in gentrifying parts no a lot more than a single-mile from a proposed Job Connect bus or rail line.

Companies interested in applying for funding need to adhere to the program’s guidelines and submit a accomplished application to [email protected] 

The Community Acquisition Application is funded with Undertaking Join Anti-Displacements money accredited by city voters as Proposition A on the November 2020 ballot. Funds for the method are accessible for experienced nonprofits for the 2021-22 fiscal yr.  

All those needing even further info can speak to the Housing & Preparing Section.

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