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.
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