AUSTIN, Texas — Explosive growth across Central Texas has made renting in Austin a struggle.
However, a partnership between an Austin agency and a Texas nonprofit aims to alleviate the issue facing many Austinites.
Andrew Yue has been living at The Adler in Central Austin for more than 27 years. He recognizes the struggle to maintain a certain standard of living in the city.
"Austin is getting more expensive," Yue said. "Seniors like me, I'm on fixed income. May have to move out of the city."
Yue lives at one of the seven properties that were purchased by the Austin Housing Finance Corporation as part of a partnership with the nonprofit Affordable Central Texas. The properties were purchased around Austin's historic Hyde Park.
"This area of Central Austin is prime for development," Affordable Central Texas President and CEO Monica Medina said. "So a developer would have come in and purchased them if they're great land locations and developed high-density market rate properties. So we wanted to preserve kind of that affordability."
Tenants can qualify for lower rent, which is determined by what their annual household income is as a percentage of the area's median family income. That's $122,300 in Austin, according to the Department of Housing and Urban Development.
"For example ... A one-bedroom unit at these properties is $875," Medina said. "Versus the average in Austin for a one bedroom is almost $1500."
Last year, the former property owners raised rents during negotiations with the City. According to Medina, the sellers wanted a certain sales price and raised the rent to get it. Yue said he was one of the tenants affected and saw his rent jump more than $200 a month. The former owners of The Adler have asked not to be contacted.
Meanwhile, Medina said they intend to maintain affordability at all of their properties. They're even offering a $300 rent credit for those who enroll.
"We do a lot to help our residents feel a sense of community to be known, to feel known," Medina said.
It's a sentiment Yue wants to feel as he sees Austin change before his eyes.
"I had a couple of friends ... One moved to Giddings, one moved to Lockhart," Yue said. "I mean that's just part of the nature."
Medina said there are still units available for those interested in learning more about the affordable rent partnership.
If you are interested in learning more about affordable rent, Medina said there are still 14 units available at these seven properties:
- The Preserve Central Park
- The Preserve Hyde Park - Siesta Place
- The Preserve Villa Del Rey
- The Preserve Hyde Park - The Adler
- The Preserve Hyde Park - Avenue A
- The Preserve Hyde Park - Del Mar
- The Preserve Hyde Park - Fiesta Place
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.