The program provides zero-percent interest loans, both forgiveable and non-forgiveable, to eligible nonprofits, so they can acquire land in order to provide more affordable housing in the city of Austin.
Loans are available on a rolling basis until all available funds are exhausted, says the city.
Funds provided shall be reserved exclusively for the acquisition of vacant and improved real property on Small Sites to be developed, renovated, leased, and sold to Qualifying Low-Income Households in the city, at an Affordable Rate for a period not less than forty or ninety-nine years for rental and owner-occupied housing, respectively. At least one-half of the existing or to-be-developed dwelling units on a property purchased with ADCAP funds shall be reserved as Qualifying Affordable Units.
