Investment introduction paragraphs
Housing Authority of the City of Austin
Austin Affordable Housing Corporation
National Housing Trust
The Kresge Foundation
CDT’s third partnership with the Housing Authority of the City of Austin and its non-profit affiliate the Austin Affordable Housing Corporation converted currently market-rate apartments to affordable housing. 51% of the units serve residents at 80% AMI and at least 15% of units are reserved for Section 8 voucher holders.
Our third partnership with a proven non-profit operating partner provides strong risk-adjusted returns. Austin remains one of the fastest growing, most economically diverse metropolitan areas in the country. With single-family homes near the Asher Apartments selling for $300,000-450,000, we expect stable, steady rent increases and low vacancy for the long-term.
CDT’s investment creates long-term affordability and stability for at least 226 households earning less than 80% of the area median income at income levels significantly below new properties under development in Austin’s fast-growing market.
The project also offered CDT the opportunity to expand its relationships with strong non-profit partners National Housing Trust and The Kresge Foundation.