Recent studies underscore that Austin is now the most expensive rental market in Texas. The Austin Affordable Housing Corporation ensures and preserves quality, affordable housing opportunities and continues to pursue entrepreneurial endeavors.

AAHC’s portfolio includes:
1,627—multi-family units
1,135—new construction multi-family units
17—Single-family houses
151,839 square feet of office space
88,774 square feet of retail space

In October 2003, AAHC had a unique opportunity to purchase Eastland Plaza, a shopping center located at 1144 Airport Blvd, Austin 78702. This center boasts 88,774 square feet of retail space and is located near several of HACA’s public housing sites.

The majority of the occupants renting a space at Eastland Plaza are large, publicly traded corporations. A few of the occupants include: Walgreens, Subway, Pizza Hut, Shoe Show and Citi-Trends.

Since its inception in 2004, AAHC’s Down Payment Assistance program has assisted 103 people with the purchase of their own home. The program is open to all tenants receiving Housing Choice Voucher (Section 8) and Public Housing assistance from HACA. Assistance is relinquished upon closing.

Qualified home buyers are given $10,000 to pay for closing costs and down payment. Even though the money is given in the form of a loan, the home buyer does not have to make payments, and as long as they occupy the home for five years, the loan is forgiven. To date, 56 Down Payment Assistance loans have been released and paid in full.

Contact

Suzanne Schwertner, Residential Mortgage Loan Originator, NMLS #329226 for the

Austin Affordable Housing Corporation, NLMS #329395
(512) 477-4488 ext. 2118
1124 S. IH-35 Austin, TX 78704

Customers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at: www.SML.Texas.gov. A toll-free consumer hotline is available at: 1-(877)- 276-5550.

The department maintains a recovery fund to make payments of certain actual out-of- pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with an investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at: www.SML.TEXAS.gov.

The purpose of the program is to provide quality, affordable housing opportunities to families of low- to moderate-incomes while they work to overcome the barriers to becoming self sufficient, and to act as an incentive for public housing residents to become free from public assistance.

It is a three-year program open to all public housing residents of HACA that qualify. An apartment will be provided from AAHC’s inventory at a discounted rent for a 12-month period. The 12-month period will be extended twice and the rent will increase $50 at each extension. This rent increase will go into an escrow account and will be awarded to the resident at graduation of the program.
Each family is required to meet the following criteria (six stars):
1. Pay their rent on time
2. Take care of the property
3. Be drug free and free of alcohol dependence
4. Keep their children in school
5. Maintain full-time employment
6. Be registered to vote

AAHC created a separate nonprofit 501(c)(3) in 2009 that serves as a community land trust for homeownership. The Equity CLT program is open to qualifying public housing residents of HACA. This type of homeownership provides permanent and sustainable opportunities for very low-income families.

Currently Equity CLT has two homes in its inventory. One was sold to a family of five in 2013. The other will be sold when a resident is qualified.

Located in Eastland Plaza, Economic Growth Business Incubator (EGBI) is an innovative nucleus for entrepreneurs. The resource center was formed to meet the need of those who have the desire to start a business, and provide them with the means and skills to own and operate a successful business. EGBI provides office space, materials, computers, and classes in business management.

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