Across the country, increased housing costs have outpaced income growth, and nowhere is that more prevalent than in Austin, Texas. As new businesses and jobs continue to relocate to Austin, the need for affordable housing has only increased. In order to meet the needs of the community, several organizations in the Greater Austin area have been working to combat these issues.
Working to address affordable housing in Austin
Bank of America supports nonprofit partners working to mitigate housing insecurity in the region.
Some of these organizations include Austin Habitat for Humanity and its Women Build program, which focuses on female empowerment and supports hardworking families across Austin and Central Texas, many of whom are single mothers; Habitat for Humanity of Williamson County, which is working to build homes in Taylor, Texas for families in need; Frameworks Community Development Corporation, an organization that provides homebuyer counseling and education courses, and supports the development of affordable housing; and Foundation Communities, an organization creating affordable communities that feature green design elements and support services that steer residents toward long-term success and stability.
Capital from Bank of America is helping to support the vital programs these nonprofits offer. We are committed to working with nonprofit partners to mitigate housing insecurity as well as financing affordable housing projects, to advance economic mobility and address one of society’s biggest challenges.
The Laurel Creek Apartments is a recently completed project of the nonprofit Foundation Communities. Laurel Creek offers 88 affordable units with access to on-site services, including after-school and summer programming for children living on-site. According to Evelyn Chase, a resident at Laurel Creek and mom of three, "So many doors have been closed in our faces…I can [now] lock our door and say, girls, son, we are home, and we're all safe."
"There is a critical need for more affordable housing in Austin, and as leaders of our community step up to address this crisis, our team at Bank of America is actively working to put Austinites on the path to having a place to call home," said David Bader, President of Bank of America Austin.
Whether through philanthropic support to nonprofit partners, affordable housing financing, or offering grants through our Community Homeownership Commitment to help achieve the dream of homeownership, we recognize the transformative impact of having safe, affordable housing. In partnership with city leaders, nonprofits, and local businesses, we can help advance economic mobility through a variety of housing solutions.