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Austin Community Foundation Invests $5 million in Housing in Central Texas
Flexible local capital will help move four affordable housing developments forward amid rising land and construction costs.
AUSTIN, TX, UNITED STATES, May 21, 2026 /EINPresswire.com/ -- Austin Community Foundation (ACF) announced today that it has invested $5 million through the Housing Accelerator Loan Fund in support of four affordable housing developments across Austin.
The Housing Accelerator Loan Fund, led by Austin Community Foundation, is a $24.2 million revolving loan fund aimed at accelerating the pace of affordable housing development in Central Texas. The Fund offers low-cost, concessionary financing to affordable housing developers for short-term pre-development, land acquisition, and bridge financing.
“Austin’s housing needs are complex, and the Housing Accelerator Loan Fund was built to meet that complexity with flexible, responsive capital,” said Mike Nellis, CEO of Austin Community Foundation. “These latest investments support a variety of affordable housing options — from homeownership to rental housing near transit — helping more families find stability and thrive in our community.”
The new investments include:
Legacy at 55th – A $1.8 million construction loan at a 4.5% interest rate and 1-year term. The development, located in the North Loop neighborhood, includes six modern detached condos for home ownership. Three units are reserved for households earning 60-80% of the area median income (AMI). Each 2-bedroom, 2.5-bath unit comes fully equipped with all appliances.
Legacy at Huisache – A $1.4 million loan for land acquisition and pre-development at a 4.5% interest rate and 1-year term. The development includes eight modern detached condos for homeownership, and four units are reserved for households earning 60-80% AMI.
Both projects are led by Danielle Walker and a diverse team of woman-owned development partners.
Garcreek Circle – A $756,000 land-acquisition loan at a 2.5% interest rate and 1.5-year term. Garcreek Circle will provide 12 townhomes for home ownership in East Austin, serving households earning less than 80% AMI. The project is a co-development between Equidad ATX and the Austin Revitalization Authority. Together, these organizations are leveraging their respective expertise in equitable neighborhood revitalization and cultural preservation to support Austin’s Eastern Crescent and underserved communities.
Ryan Drive Apartments - $1 million pre-development loan at a 3% interest rate and 1-year term. Located in the Crestview area, Ryan Drive Apartments will offer 320 rental units with more than half of the units reserved for households earning 50-80% AMI. The development will be located next to Capital Metro’s Crestview Station and include a retail area and a 1.25-acre public park. The Austin Housing Finance Corporation and DMA Development Company are leading the project.
Established in 2024, the Housing Accelerator Loan Fund has provided 14 loans to date, totaling over $21 million in support of more than 1,600 new housing units in the Austin area. The Fund is led by a volunteer committee of local leaders and experts in housing.
Key partners in the Housing Accelerator Loan Fund include the City of Austin, Bill Wood Foundation, Hazoor Partners, JPMorganChase, NI, Shield-Ayres Family Foundation, St. David’s Foundation, Tito’s Handmade Vodka, Travis County, Austin Ventures Charitable Fund, the Jamie Goode Charitable Fund, and other donor-advised fundholders at ACF.
To learn more, visit austincf.org/HousingAccelerator.
About Austin Community Foundation
Austin Community Foundation (ACF) is the trusted partner in philanthropy in Central Texas. Founded in 1977, ACF brings together individuals, families, businesses, and nonprofits to address the region’s most pressing challenges and create lasting impact. Through its leadership, data, convening, grantmaking, and philanthropic investment, ACF works to advance economic mobility and housing affordability across Central Texas. ACF stewards $669 million in total assets under management and, in 2025, ACF granted $96.5 million to the community, most of it through donor-advised funds. Learn more at AustinCF.org.
Misty Whited
Austin Community Foundation
info@austincf.org
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