Austin Condos Benefit Low-Income Residents
May 31, 2008
According to the Statesman:
Profits from a local condo project will fund new affordable housing and help low-income homeowners fix up their homes. The 62-unit Chestnut Commons at Martin Luther King Jr. Blvd. and Miriam Ave. is expected to bring in about $1.2 million for affordable housing projects, including $250,000 earmarked for home renovations in the Chestnut neighborhood.
Landowner Tom Meredith donated 30 acres to the Austin Community Foundation (ACF), which then sold it to developers Terry Mitchell and David Mahn. The two developers agreed to donate a portion of the profits from the condo sales to the ACF for affordable housing efforts in central east Austin.
Some Austinites are opposed to the downtown condo developments popping up all over the skyline which is forcing developers to find a synergy with the residents of Austin to continue their forward movement. This approach of the land seller bargaining to benefit the city is smart and we hope it becomes a trend.
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