The City of Austin is opening its doors to affordable housing with the grand opening of the Industry SOMA townhome community in South Austin. In an effort spearheaded by the Austin Housing Department in partnership with Industry ATX and the Austin Housing Finance Corporation (AHFC), the new development seeks to provide budget-friendly homeownership opportunities. An open house event was held on June 18, which showcased the townhomes at 1905 Keilbar Lane, where interested buyers got a glimpse of the attainable modern living spaces.
Mandy DeMayo, Interim Director for the Austin Housing Department, told the City of Austin, “We are grateful to support a townhome community that will provide prospective buyers with an affordable option for homeownership. Affordable home ownership is important to Austinites, helps create stability and helps families build generational wealth.” The community offers 23 townhomes, with prices ranging between $240,000 and $320,000, designed for families earning at or below 80% of the Austin MFI (median family income).
Prospective residents can choose from move-in-ready homes boasting features like vaulted ceilings, quartz countertops, and energy-efficient designs that align with the Austin Energy Green Building Program. The homes' sizes range from 1,042 to 1,208 square feet and offer both 3- and 4-bedroom floor plans. Family-friendly amenities include communal areas and green spaces suitable for kids and pets. Pre-qualification for eligibility is facilitated by HUD-certified brokers, who will notify the applicants within 72 hours if they meet income criteria.
“Through projects like Industry SOMA, we strive to keep Austinites close to their work, family, education, and public transit,” Megan Etz, Head of Operations at Industry ATX, stated on the city's news page. Down payment assistance up to $40,000 is also available for qualifying buyers, making homeownership more accessible for Austin's essential workers, including teachers, musicians, and service industry professionals.
To secure the affordability of these residences for the long run, Industry ATX has partnered with HomeBase Texas, which will maintain restrictive covenants to ensure homes remain affordably priced for 99 years. Funding for this initiative came in part from the 2022 General Obligation Bonds and the Ownership Housing Development Assistance Program, allowing the developer to provide housing for less than the market rate to eligible Austinites. As per Michael Winningham, Principal of Industry ATX, “This development would not be possible without OHDA funding from the Austin Housing Financing Corporation and the support of its committee. We have not received any other public funding for SOMA."
