The program provides zero-percent interest loans, both forgiveable and non-forgiveable, to eligible nonprofits, so they can acquire land in order to provide more affordable housing in the city of Austin.
Loans are available on a rolling basis until all available funds are exhausted, says the city.
To be considered eligible for a loan through this program, the following criteria must be met, says the city:
- Eligible Owner Entity: Funds provided shall be reserved exclusively for registered 501c3 non-profit organizations with experience acquiring real property, developing, renovating, leasing and selling income-restricted housing affordable to low-income households in the City of Austin.
- Eligible Use: Funds provided shall be reserved exclusively for the acquisition of vacant and improved real property on Small Sites to be developed, renovated, leased, and sold to Qualifying Low-Income Households in the city, at an Affordable Rate for a period not less than forty or ninety-nine years for rental and owner-occupied housing, respectively. At least one-half of the existing or to-be-developed dwelling units on a property purchased with ADCAP funds shall be reserved as Qualifying Affordable Units.
- Eligible Location: Funds provided shall be reserved exclusively for an Eligible Use by an Eligible Owner Entity in gentrifying areas no more than one-mile from a proposed Project Connect bus or rail line.
The Community Acquisition Program is funded with Project Connect Anti-Displacements funds approved by city voters as Proposition A on the November 2020 ballot. Funds for the program are available for qualified nonprofits for the 2021-22 fiscal year.
Those needing further information can contact the Housing & Planning Department.
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