The Austin Economic Development Corporation has rebranded as Rally Austin, in an attempt to better communicate its goals of helping to create and preserve affordable housing and cultural spaces throughout the city.
In addition to the city funding, the organization has pursued funding from private businesses and philanthropic organizations that could give it more flexibility in securing future land deals.
To date, the organization has helped to close four deals to preserve or create cultural spaces, including helping the Hole in the Wall music venue secure a new 10-year lease.
"Secondly, we are a real estate nonprofit, so attracting private dollars like St. David's and Austin Community Foundation is going to allow us to have more flexibility. Our public dollars are restricted, so having some of the flexible dollars to come in ... we've actually been discussing this for at least two years."
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