The fund aims to fill financing gaps for affordable housing projects, providing low-interest loans developers pay back as projects generate revenue from housing vouchers and aid programs.
Austin Community Foundation plans to quickly deploy the $15 million to support experienced and new developers in affordable housing, assisting with pre-development operations, land acquisition costs, and interim financing.
Developers highlighted the need for fast, flexible, and cheap loan capital to progress affordable housing projects, stating that the fund could unlock access to multiple funding sources.
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