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Central Texas' Permanent Affordable Housing Solution: Austin Community Foundation ...
Foundation: Austin Community Foundation
"There is an urgent need for affordable housing throughout Central Texas, and the demand far exceeds the supply," Mike Nellis, CEO of the Austin Community Foundation, tells the Austin American-Statesman.
That's why the foundation has launched the Housing Accelerator, a $280 million fund that will provide short- and long-term financing to developers who want to build affordable housing in the region.
The loan fund, which will be open to both nonprofit and for-profit developers, has the potential to leverage $280 million toward the construction of 850 units in the first five years of operation.
"We envision a region where everybody has an opportunity to live in a safe and affordable home," Nellis tells the American-Statesman.
The foundation, which has raised more than $100 million of its $1 billion goal, says the fund will be around for at least 20 years.
"This capital will continue to recycle over and over and over again so developers can continue to access it in order to get their projects done," Nellis tells the American-Statesman.
The foundation has already invested $2.8 million in land for affordable housing projects, including the Cady Lofts permanent supportive housing development in Central Austin.
"It's all on transit lines, in the urban core, and [
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Social entrepreneur and co-founder of nonprofit Jolkona, Adnan Mahmud, discusses his definition of a successful social entrepreneur. He describes the social entrepreneur as someone who has found the right balance between doing good while doing well.