Report shows more ways for city to help residents become homeowners - Austin Monitor

According to the report, "Assistance can be used for down payment and closing costs; however, funding restrictions limit the reach of the program. Additionally, city staff state that the city's annual allocation of funding from HUD will decrease in coming years. A decrease in funding will limit the number of residents the city is able to serve."

Fuentes told the Austin Monitor, "Homeownership is one of the most powerful ways families can build stability and generational wealth, yet for too many in our city, it remains out of reach. This report I requested will play a critical role in addressing the gaps that exist in homeownership assistance."

The city of Austin's Housing Department currently offers two homeownership assistance programs, each aligning with HUD guidelines, but the support is restricted to buyers earning at or below 80 percent of the median family income.

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