The Texas State Affordable Housing Corporation (TSAHC) has announced a new pilot program that allows nonprofit affordable housing organizations located in Travis, Williamson, Bastrop, Hays, and Caldwell counties to seek financing for early stages of proposed affordable housing developments.

This predevelopment fund, made possible by financial support from Austin Community Foundation’s FundATX impact investment program, aims to provide assistance to small-scale or neighborhood-oriented community organizations. These entities commonly lack the resources required to fund predevelopment activities on housing projects that meet critical needs in their service area.

TSAHC recently approved the first award under the pilot program, a $100,000 predevelopment loan to Chestnut Neighborhood Revitalization Corporation to support Chicon Phase II, a 49-unit mixed use, mixed income condominium development in East Austin.

The loans provided through this program range from $25,000 to $100,000, based on the demonstrated need of the applicants. For more information on TSAHC’s Predevelopment Loan program and to apply for an award, click here.