Workforce housing fund acquires new properties

The Austin Housing Conservancy, a recently formed local investment fund created to preserve workforce housing, has acquired two more properties in cooperation with Austin Affordable Housing Corporation. Late last month the fund completed deals for The Place at Terracina, located off MoPac Expressway in North Austin, and Northwest Hills on Greystone Drive. Enterprise Community Partners and the Community Development Trust were partners in the acquisitions, which give the fund three multifamily properties in its portfolio, with 792 total units in North and Central Austin. The fund was created earlier this year and intends to keep rates in its properties at a level affordable to Austin’s middle- and working-class residents, who are at risk of being priced out of the city as property values continue to climb. Conservancy leaders aim to acquire 5,000 total units in the next five years, and plan to have 10,000 units in the portfolio in the next decade.