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Austin officials approved more than $50 million for local affordable housing initiatives, including $29.27 million for existing and planned developments around the city.
The details: Austin City Council, which serves as the board of the city's strategic nonprofit Austin Housing Finance Corp., signed off on a slate of affordable housing funding April 9. The city supports housing that's affordable based on the local median family income, or MFI, which is now about $134,000 for a four-person household.
Going forward: Most of the money will go toward planned single-family and apartment projects as well as existing apartment complexes with affordable units, spread across North, East and South Austin. Additionally, almost $22 million was reserved for the city's local housing voucher program through the Housing Authority of the City of Austin, including $6 million in the current fiscal year. Vouchers subsidize rental units for tenants exiting homelessness through permanent supportive housing programs.
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