In 2006 the citizens of Austin Texas voted for a $55 million bond measure designed to support affordable housing. As of this year the bond measure has created 1,000 affordable apartments, condos and single family homes. An additional, 1400 units are currently under construction. The average cost per unit when construction is completed is expected to be $22,000 per unit
“It’s amazing how much has been developed with the bond money,” said Sarah Andre of the Chestnut Neighborhood Revitalization Corp., a nonprofit that received $2.1 million in bond money to build an apartment complex for seniors and a future mixed-use project that will include affordable condos for sale. “It finally feels like Austin has made a dent in the issue.