Most affordable housing in Austin is built through two major federal programs:

– The Austin Housing Finance Corp. issues tax-exempt bonds and extends the low-interest loans to rental property developers, who agree to designate 20-30% of their units for tenants earning no more than 80% of the area median income.

– The Texas Dept. of Housing and Community Affairs allots federal tax credits to developers, which can then be sold to corporations to raise equity for projects. Developers agree to provide at least 40% of rental units to low-income households.

This article appears in August 21 • 1998 and August 21 • 1998 (Cover).

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