Austin | South Austin Projects

Originally Posted by kingkirbythe....

Affordable housing community planned for South Austin

https://www.statesman.com/story/business...ty-planned-for-south-austin/66883732007/

Two empty lots in South Austin will soon become a new development of townhomes that its developer says will be an affordable option for working families.

The project, called Industry Soma, will be near Menchaca Road and William Cannon Drive and will feature 23 attached townhomes that will be available for households at or below 80% of the area's median family income. In Austin, 80% of the median family income is about $75,000 per household.

“The community we envision for Industry Soma is welcoming, family oriented, safe and one that residents will be proud to call home," said Michael Winningham, principal at Industry ATX, which is developing the project.

"As land and home costs continue to rapidly outpace income growth in the Austin area, we feel it is important to prioritize affordable communities for working families,” he said.

Home prices and rent reach record highs in Austin and some renters and homeowners are being forced to leave the city for less-expensive housing in suburban areas and beyond.

Can we agree that this project, at least for its ostensibly intended residents, ie., families, is a hellhole? It might work as a complex for 22 to 25 year olds with roommates, if well managed - and it may evolve to that - but as a self-managed condo complex for "families," it's hell.

Everything the developer says should be turned around. The project is not particularly welcoming, is not family oriented, is unsafe and residents will bashfully call it their house. I can't see any focus on community nor enjoyable outdoor living. Unless one feels dodging cars in the promenade is enjoyable.

Are we subsidizing what for the new unit owners is for all intents and purposes a cheap apartment project but one where the developer gets to cash out immediately, and the owners are on their own? If the rules are followed, it is possible for the new unit owners to ever build any significant equity?