June 29, 2018 Comments Off on Condo Development Geared Toward For-Sale Affordable Housing Views: 3477 Austin, Texas News

Condo Development Geared Toward For-Sale Affordable Housing

A condo development in the works by Habitat for Humanity is geared to increase for-sale affordable housing in the rapidly-gentrifying East Austin area. The 50-unit condo will go north at 1490 and 1411 E. Fourth St., near the Plaza Saltillo train station.

The project was four years in the making, involving land swaps with developer Cielo Property Group, and initial opposition to a rezoning application. Habitat and its development partners are participating in a “super density bonus” ordinance passed by the Austin City Council in April 2018, which allows for higher density housing and fewer parking spots. In exchange, Habitat is agreeing to devote at least 75% of its project to affordable housing. If the project is successful, the ordinance could be used in other parts of the city.

Condo prices will range between $125,000-$175,000, with interest-free mortgages. Under Habitat’s program, monthly expenses can’t exceed 30% of a buyer’s income.

Read More at Austin Business Journal

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