Meeting the urgent need for affordable homes
The Housing Accelerator combines research, collaboration and philanthropic resources to accelerate access to affordable housing in Central Texas. Our loan fund provides fast, flexible capital that leverages public and private dollars to accelerate the pace of affordable housing production and meet the urgent need in our region.
Fast, flexible capital to accelerate affordable housing
The demand for affordable housing far exceeds the supply, and homes can’t be built fast enough to meet the growing need. Meanwhile, affordable housing developers lack access to the quick, low-cost financing necessary to acquire land and build a range of housing options.
The Housing Accelerator Loan Fund seeks to address this issue by providing low-cost capital and concessionary financing to affordable housing developers for short-term pre-development, land acquisition, and bridge financing. This financing model fills a gap in funding sources, enabling developers to acquire land and build more affordable units.
Designed to recycle capital and have a long-term impact, the loan fund has the potential to leverage $280 million toward the construction of 850 units in the first 5 years of operation.
How it works
Current investments
Cady Lofts
- 100 units with onsite services for people transitioning out of homelessness
- Located in Central Austin
- $2 million loan for construction
- 2.5% rate with a 2 year term
- Serving households earning 30-50% area median income (AMI)
Lamar Square
- 150 unit rehab and 400 new units for adults with intellectual disabilities in partnership with Foundation Communities and Mary Lee Foundation
- Located in South Austin
- $2 million loan for land acquisition
- 2.5% rate with a 2 year term
- Serving households earning 30-60% AMI
Cameron Senior Housing
- 74 rental units with service-enriched housing for independent seniors to be built by National Church Residences
- Located in Northeast Austin
- $1 million loan for land acquisition
- 2.5% rate with a 2-year term
- Serving households earning 30-80% AMI
Sunset Ridge Apartments
- 438 rental units for families and individuals to be built by Manifold Development
- Located in Southwest Austin
- $1 million loan for pre-development
- 3% rate with a 1-year term
- 220 units for households earning between 50-80% AMI
Strategic partnerships
A key to the success of an accelerator fund is strong, mutually beneficial relationships across industry sectors. Our collaborators’ investment in the Housing Accelerator Loan Fund helps maximize its impact toward more affordable housing options in Central Texas.