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African American Homeownership in Austin August 6, 2024 Presentation to the African American Resource Advisory Commission  Past and Present Trends Contents:  Programs  Collaboration 2 Past and Present City of Austin Population by Race, 1940 - 2020 1,200,000 1,000,000 800,000 600,000 400,000 200,000 44 73,025 14,861 (16.9%) - 1940 1950 1960 1970 1980 1990 2000 2010 2020 Black/African American White Other Race Source: US Census Bureau, Decennial Censuses 1940-2020 366,074 526,024 69,757 (7.3%) 4 City of Austin Homeownership Rates, 1940-2020 61% 52% 53% 50% 52% 52% 47% 44% 49% 49% 46% 44% 34% 37% 31% 25% 44% 41% 70% 60% 50% 40% 30% 20% 10% 0% 1940 1950 1960 1970 1980 1990 2000 2010 2020 Overall White Black/African American Other Race Source: US Census Bureau, Decennial Censuses 1940-2020 5 Median Household Incomes and Home Values, 2006-2022 (Dollars adjusted for inflation to match value in 2022) e m o c n I l d o h e s u o H n a d e M i $240,000 $200,000 $160,000 $120,000 $80,000 $40,000 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 White Alone Householder Black or African American Alone Householder Asian Alone Median Home Value Hispanic or Latino Householder Source: American Community Survey 2006-2022 1-Year Estimates, Tables B19013(A-I) and B25077 i M e d a n H o m e V a u e l $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 6 African American Households, 2020 27,840 AA Households in the City of Austin Source: Comprehensive Housing Affordability Strategy Dataset (2016-2020 ACS 5-Year Average data) 7 African American Owner Households, 2020 7,975 AA Owner Households in the City of Austin Source: Comprehensive Housing Affordability Strategy Dataset (2016-2020 ACS 5-Year Average data) 8 Programs and Collaboration Programs 10 Programs 11 Homebuyer Programs Austin Community Land Trust (ACLT)  Program design specific to ACLT  39 homes total – 20 renovated, 3 new build, 1 ADU  2 upcoming projects adding 50 new units, Austin Housing Finance Corporation (AHFC) is developer  Program-specific considerations – Preference Policy – Right Sizing 12 Austin Community Land Trust Applicants Undisclosed 5% Other/Multicultural 4% White 18% Native Hawaiian/Pacific Islander 0% Middle Eastern/Arab/North African 2% Hispanic/Latino/a/x Black/African American Asian/Asian American 4% American Indian/Alaska Native 2% 42% 32% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 13 Displacement Prevention Homeowner Programs  Home Repair – Grants ranging from $7,500-$20,000 – Loan program ranging from $75,000-$350,000  Estate Planning – Life Anew (non-profit) – vendor in the Community Initiated Solutions (CIS) program.  Homeowner Education and Mortgage Support – Del Valle Community Coalition (non-profit) – vendor in the Community Initiated Solutions (CIS) program. 14 Next Steps Success Analyze •Affirmative marketing •Identify specific obstacles within the current applicant pool that hinder home purchase completion Support •Homebuyer Education •Financial Counseling •Additional Homebuyer Assistance Funds 15 Collaboration with Surrounding Jurisdictions  First time homebuyer programs through the county and state that may be able to assist with grants/loans: – Travis County Down Payment Assistance (DPA) – Texas First Time Home Buyer Grants | Texas State Affordable Housing Corporation (TSAHC) – The Texas Homebuyer Program  Resolution No 20240404-067:Explore best practices and propose any new strategies or systems to expand land banking and community land trusts (CLTs).  City of Austin DPA and the 3 state-/county- wide programs do not layer due to legal requirements with lien placement. 16 Thank you! Chase Bryan – chase.bryan@austintexas.gov Chanda Gaither – chanda.gaither@austintexas.gov