Two housing projects that would have created more affordable apartments in Austin have been put on pause — and city leaders say that financing complications are to blame.
The pause on these two projects comes just two weeks after the city announced a stall on another development that would have brought more affordable housing to Austin,
The city announced this week that the development agreement for Ryan Drive was terminated by the developer in May, forcing the city to look for a new development partner and restart the process, which could add at least three more years to the buildout. He said it is more expensive to build affordable housing than it was a few years ago, and construction is taking longer. And the longer it takes the more expensive it gets.
The corporation will buy the property for $3 million. From there, the corporation plans to solicit new development partners, a process expected to begin toward the end of the year. Maguire said the goal is still to create apartments, some of which would be affordable. The project was to construct 101 apartments, about half of which would be set aside for people who qualify for affordable housing. About 28 of those units would be considered"deeply affordable," or for families making up to 60% of the area's median family income — that's $70,080 for a family of four.
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