Texas is a city that has desirable living conditions, however, due to the financial constraints brought about by the Covid pandemic and increased home prices finding an affordable place to live can be difficult. So, affordable housing has become more important than ever, especially due to the effects of Covid such as job losses and closure of businesses.
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 they target household’s earning 80% or less than the median family income.
- 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 have over a thousand units. The Housing Authority also a project that is meant to make improvements to 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 helping people find affordable homes. The Housing Works of Austin has information on the nonprofit organizations available and the eligibility criteria for each.
A good tip to remember when house hunting is you never want your mortgage payment to be over 25% of your take-home pay. Be careful when using a mortgage calculator tool, you also want to include taxes, insurance, and if you have a PMI in your calculation. If the home you're looking at is above the 25% of your take-home either keep saving or lower the amount of house you're wanting to buy. It can be hard to have that harsh reality especially with social media but if you keep focused you will thank yourself later.