Real estate
BY BEN THOMPSON
Hundreds of units rising under HOME
HOME’s allowances for denser housing in Austin neighborhoods are being used around the city. The initiative
Almost 800 new residences have been proposed citywide under the Home Ownership for Mid- dle-income Empowerment, or HOME, initiative after more than a year in effect. The overview Under the two-part program, multiple housing units can now be built on single-family lots and individual homes can go on smaller lots. More than 400 applications for multi-unit con- struction under HOME were filed as of mid-May, with the majority new builds. HOME was meant to encourage preservation of older housing as well, but only five projects have taken advantage. The approach HOME was one of the most contested policy changes in recent years. Many residents sup- ported easing restrictions to allow more varied and potentially less costly housing. Others worried it’d increase real estate speculation and
redevelopment, disrupting neighborhoods and spurring gentrification. A city task force formed to find ways to help low- and moderate-income homeowners use HOME released its first recommendations this spring, and new reporting is expected this summer. Staff suggested new public education about HOME, expanding the city’s displacement navigation assistance, and launching new financial education and homeowner protection programs. Staff said that work would cost $100,000, to be considered during budgeting this summer. A required one-year impact report due in Febru- ary has yet to be released. It’s currently being final- ized without a confirmed release date. A review of an “equity overlay” pushed for by some opponents to limit HOME’s effects in displacement-risk areas is also still in progress while development under the program continues. That study is expected to be complete this fall.
Lot boundary
Phase 1 (Multiple dwelling units
Phase 2 (Smaller lots for one unit)
allows up to three dwelling units on a single-family zoned property 796 new units proposed
allows the development of single units on smaller lots
20 small lot projects proposed
417 multi-unit residential applications, 336 approved
SOURCE: CITY OF AUSTIN/COMMUNITY IMPACT
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