Austin, Texas is a city that has favorable living conditions, however, because of the financial constraints brought about by the Covid pandemic. Affordable housing has become more important than ever, especially because of the effects of Covid such as job losses and closure of businesses.
As a top real estate agent and broker, I have to admit that real estate agents are not always the resource people need when searching for affordable housing. Income challenges, credit, and other issues can get in the way of homeownership during challenging times in our lives. But we still want to help, that is why we are sharing this information from chrispricerealty.com
If you are interested in affordable housing options in Austin, Texas then this article will be beneficial to you:
- The Affordable Housing Online Search Tool (AHOST) is a platform that has a list of affordable homes in Austin. The search tool helps you find housing that matches your household income and size. AHOST also has information on income-restricted rental units from government agencies.
- The Mueller Affordable Homes Program: This program offers eligible buyers the opportunity to a home in Mueller area. These homes are priced below the market value. The homes are meant for households that earn 80% or less than the median family income. It is however important to note that in order to qualify, you should have a decent credit score.
- Income restricted homes and condos. Austin has given incentives for housing developers and guidelines for them to dedicate a number of units to affordable housing in their housing projects especially condominiums. Just as the Mueller project targets households that are earning 80% or less.
- Habitat for Humanity: Unlike other programs, Habitat for Humanity does not have a long waiting list. It helps build homes for families that fit a given criteria.
- Loans and Down payment assistant programs. However unpopular, this is a program that can be very helpful to those looking for affordable housing in Austin. They are a good fit for individuals with a good credit score and a decent income but not enough savings to cover the down payment.
- Texas State Affordable Housing Corporation. The state of Texas offers low interest down payments and loans to people who meet the criteria. Log on to the Texas housing platform to check if you qualify for the aid.
- Public Housing: The housing authority runs about sixteen public housing communities that has over a thousand units. The Housing authority has also a project that is meant to make improvement to the projects already in place. There are sixteen waiting lists for every housing community. To find more information about the project log on to the HACA website.
- Non Profit Organizations: The nonprofits often dedicate their service to either building affordable homes or help people find affordable homes. The Housing Works of Austin has information on the nonprofit organizations available and the eligibility criteria for each.
An example of a popular nonprofit organization is the Foundation Communities in Austin. This organization runs over twenty apartment communities in Austin. The organization offers housing to households making 60% or less than the median family income.
Housing Choice Voucher Program: It was previously referred to as Section 8. It is run by the Housing Authority of Austin. The government covers part of the rent for the low-income families who receive a voucher.