Details

Title	Austin, Texas: the East Austin Neighborhood
Highlights	There is implicit recognition that lengthy approval procedures increase housing costs.   The SMART Housing program in Austin, Texas offers expedited reviews for developers to encourage affordable housing production.                       There is implicit recognition that excessive fees may be a deterrent to the development of affordable housing.   The SMART Housing program in Austin, Texas offers fee waivers for developers to encourage affordable housing production.                       According to the report, rising property taxes decrease housing affordability in East Austin, Texas   The city’s SMART Housing program uses housing trusts and tax increment financing to meet the gap in housing affordability.
Description	This report studies the effects of gentrification of low-income neighborhoods on housing affordability in Austin, Texas. According to the report, the increased demand for housing in the area is increasing housing prices in low-income neighborhoods, creating a housing affordability gap. The report highlights the SMART Housing program which offers fee waivers, expedited reviews, and tax increment financing to increase housing affordability. In addition, the Homestead Preservation District will use land banks and land trusts to allow community organizations to purchase and hold land for residential housing to maintain affordability through 99 year leases.
Publication Date	2008
Organization	Federal Reserve Bank of Dallas
Web Location	http://www.frbsf.org/cpreport/docs/austin_tx.pdf

Notice: The contents of this record reflect the views of the author and/or promulgating municipality, and should not be construed as representing the views or policies of the U.S. Department of Housing and Urban Development or U.S. HUD's Office of Policy Development and Research. No attempt has been made by U.S. HUD or its contractors to verify the accuracy, currency, or validity of the record contents presented herein.