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This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

$450,000 Grant Announced to Support Affordable Housing Options for Middle-Income Austinites

March 6, 2019

AUSTIN, Texas--(BUSINESS WIRE)--Mar 6, 2019--Affordable Central Texas (ACT), the investment manager and sponsor of the Austin Housing Conservancy Fund, a local open-ended private equity investment fund that preserves affordable multifamily rental housing for moderate- and middle-income Austinites, announced today it has received a $450,000 operating grant from St. David’s Foundation.

“We’re incredibly grateful to St. David’s Foundation not only for the grant, but for their continued support,” said David Steinwedell, CEO of Affordable Central Texas. “We share a common goal to increase Austinites’ access to opportunity, whether that means proximity to good schools, transportation options or employment, and I’m eager to explore the positive impact that stable housing can have on Austin’s moderate- and middle-income workforce.”

Affordable Central Texas is among 41 nonprofits that received grants totaling more than $18 million from St. David’s Foundation in December 2018. The grant—to be distributed to ACT over two years—will be used to improve operations, assess residents’ educational, health care and financial needs, and determine and measure the impact of the Fund’s property purchases.

“It’s our vision to make Central Texas residents the healthiest people on the planet,” said Earl Maxwell, CEO of St. David’s Foundation. “As rent prices increase, our teachers, first responders, nurses and others are pressured with a choice nobody should ever have to make: housing or opportunity. By partnering with ACT, we want to make sure Austin’s workforce has a stable place to live and access to opportunity.”

To learn more about Affordable Central Texas, visit www.austinhousingconservancy.com/about. To learn more about the Fund, visit www.austinhousingconservancy.com.

About Affordable Central Texas

Affordable Central Texas, a 501(c)(3) nonprofit, is the sponsor and investment manager of the Austin Housing Conservancy Fund. ACT was formed in 2016 by a group of highly experienced Austin real estate, finance and affordable housing professionals. ACT has been the recipient of several recent operating grants from the St. David’s Foundation, TEGNA and SynerMark Properties in addition to previous grants from the Michael and Susan Dell Foundation, Wells Fargo, Seton and IBC Bank, as well as contributions from numerous individuals. For more information, visit www.affordablectx.org.

About the Austin Housing Conservancy Fund

The Austin Housing Conservancy Fund is an open-ended social impact private equity fund. The first of its kind to provide long-term moderate- and middle-income housing preservation, the Fund’s purpose is to purchase and preserve affordable multifamily rental housing for Austinites. Raised, funded and deployed in Austin, the Fund delivers risk-adjusted financial returns through flexible, discretionary investments that directly benefit Austin’s teachers, nurses, first responders and other core workers. For more information, visit www.austinhousingconservancy.com.

About St. David’s Foundation

St. David’s Foundation is one of the largest health foundations in the United States, funding more than $70 million annually in a five-county area surrounding Austin, Texas. Through a unique partnership with St. David’s HealthCare, a Malcolm Baldrige award-winning hospital system in Central Texas, the Foundation reinvests proceeds from the hospital system back into the community, with the goal of building the healthiest community in the world. St. David’s Foundation also operates the largest mobile dental program providing charity care in the country and runs the largest healthcare scholarship program in Texas.

The foundation’s strategic priorities include:

  • Providing Central Texans with the healthiest care in the world,
  • Creating the healthiest places for Central Texans to live, and
  • Helping Central Texans become the healthiest people they can be.

Learn more about St. David’s Foundation at www.stdavidsfoundation.org

View source version on businesswire.com:https://www.businesswire.com/news/home/20190306005091/en/

CONTACT: Victoria Jett

Red Fan Communications

O: (512) 551-9253 / C: (512) 468-1016

victoria@redfancommunications.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: OTHER CONSUMER PHILANTHROPY CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSUMER FOUNDATION

SOURCE: Austin Housing Conservancy Fund

Copyright Business Wire 2019.

PUB: 03/06/2019 09:00 AM/DISC: 03/06/2019 09:01 AM

http://www.businesswire.com/news/home/20190306005091/en