The Austin Housing Finance Corporation owns this land and is seeking a development partner to build income-restricted rental housing that serves the community.  

• AHFC will remain the landowner and serve as a partner in the development. The land is not being sold to a private developer. 

• Visit the Development Updates tab for more information about when and how the land was purchased by AHFC and the Solicitation tab for details about the process of selecting a development partner. 

AHFC is planning a new mixed-income, multifamily rental development at 2908 S. Congress Avenue designed to serve families and individuals across a range of income levels in an area where affordable options are rapidly disappearing. 

• The development is anticipated to include approximately 150 units in a five-story building.  

• At least 90% of all units will be income-restricted multifamily rentals serving households at various income levels. This is not student housing. 

• The site is designed as transit-oriented and car-light, with proximity to rapid bus service, the planned Oltorf light rail station, and existing bike infrastructure. 

• This development is anticipated to serve households of all ages and family sizes via a range of unit sizes. 

• This development will also primarily serve those who are interested in living in an urban, multimodal, and car-lite development. 

• Neighbors at the August Open House were interested to confirm that the units in this development would be truly affordable to low-income residents. 

  • This development is anticipated to be a mixed-income development with at least 90% of its units at various affordability levels, ranging from 30% AMI to 120% of the median family income. See current income and rent limits as set by HUD.  

The site does not require rezoning, which means the development can proceed through AHFC’s process without a separate zoning case. Community engagement is voluntary and proactive, not triggered by a regulatory requirement. 

This development is designed to serve households and individuals who live, work, and contribute to this neighborhood but are being priced out by rising costs, or want to live here but cannot currently afford to. It responds to a documented and growing gap in affordable rental housing along the S. Congress corridor. 

• The surrounding area has experienced median home value increases exceeding 300% between 2000 and 2019, and 55% of renters in the area are cost-burdened. Median gross rents range from approximately $1,521 for a one-bedroom to $3,058 for a three-bedroom unit. 

• The surrounding area has a median household income of approximately $106,000, but income differs sharply by tenure: renter households earn approximately $100,000 at the median, compared to $176,000 for owner households. Homeowners constitute 65% of the area population. 

AHFC will require its development partner to meet clear standards for property management, maintenance, and community responsiveness. AHFC welcomes input on what good management should look like. 

AHFC is committed to reaching the full range of voices affected by this development, including those who are hardest to reach, and to providing engagement opportunities that are accessible, bilingual, and designed around where people already gather. Visit the Community Engagement tab to learn what we’re hearing and how to give your input. We also invite your questions in the Q&A section below.