AUSTIN, Texas – Austin Community Foundation (ACF) announced today that it has invested $5 million through the Housing Accelerator Loan Fund in support of four new affordable housing developments across Austin.
The Housing Accelerator Loan Fund, led by Austin Community Foundation, is a $24.2 million revolving loan fund aimed at accelerating the pace of affordable housing development in Central Texas. The Fund offers low-cost, concessionary financing to affordable housing developers for short-term pre-development, land acquisition, and bridge financing.
“Austin’s housing needs are complex, and the Housing Accelerator Loan Fund was built to meet that complexity with flexible, responsive capital,” said Mike Nellis, CEO, Austin Community Foundation. “These latest investments support a variety of affordable housing options — from homeownership to rental housing near transit — helping more families find stability and thrive in our community.”
The new investments include:
Rendering of Legacy at 55th Street.
Legacy at 55th Street – A $1.8 million construction loan at a 4.5% interest rate and 1-year term. The development, located in the North Loop neighborhood, includes six modern detached condos for homeownership. Three units are reserved for households earning 60-80% of the area median income (AMI). Each 2-bedroom, 2.5-bath unit comes fully equipped with all appliances.
Legacy at Huisache – A $1.4 million loan for land acquisition and pre-development at a 4.5% interest rate and 1-year term. The development includes eight modern detached condos for homeownership, and four units are reserved for households earning 60-80% AMI.
Both projects are led by Danielle Walker and a diverse team of woman-owned development partners.
Garcreek Circle – A $756,000 land-acquisition loan at a 2.5% interest rate and 1.5-year term. Garcreek Circle will provide 12 townhomes for homeownership in East Austin serving households earning less than 80% AMI. The project is a co-development between Equidad ATX and the Austin Revitalization Authority. Together, these organizations are leveraging their respective expertise in equitable neighborhood revitalization and cultural preservation to support Austin’s Eastern Crescent and underserved communities.
Ryan Drive Apartments – A $1 million pre-development loan at a 3% interest rate and 1-year term. Located in the Crestview area, Ryan Drive Apartments will offer 320 rental units, with more than half reserved for households earning 50-80% AMI. The development will be located next to Capital Metro’s Crestview Station and include a retail area and a 1.25-acre public park. The Austin Housing Finance Corporation and DMA Development Company are leading the project.
