Austin leaders have launched a fund to preserve affordable apartments through repairs and upgrades while maintaining affordability.
AUSTIN, Texas — Austin leaders are hoping to save older and affordable apartments through a new preservation fund.
Austin City Council member March Duchen spearheaded a resolution that was approved Thursday to create the “naturally occurring affordable housing,” known as (NOAH), which will allow property owners access to money for repairs and upgrades while also keeping their units affordable.
The idea mirrors a similar program in Dallas, where Duchen said the city was able to set a dollar amount of $6 million through investors, philanthropy and grant dollars, which has grown to $40 million over time.
According to Austin’s Assistant City Manager Eric Johnson, the city has a total of 28,375 units, which represent 789 buildings.
“We would actually create a trifecta; the trifecta would be a grant based source for NOAH to help with capital improvements because the biggest issue in NOAH is actually ability to take care of the capital improvements,” Johnson said during a work session on Tuesday.
Duchen said the goal is to save as many units as possible, but noted the program won’t be able to save every NOAH property.
“If it turns out that it doesn’t have good bones, it’s not structurally sound, then we’re going to have to look at demolishing and rebuilding and hopefully find strategies to make that new housing affordable,” said Duchen.
This comes after outrage from tenants at Acacia Cliffs, after council members unanimously approved letting the apartment complex be torn down and redeveloped under the city’s Density Bonus 90, or DB90, program.
Duchen said had this program existed then, there could have been a chance to save it.
The next step is for Johnson to come back with recommendations on the dollar amount to establish the program. Duchen said he hopes that the city can get it up and running in a matter of weeks or months.
