AUSTIN (KXAN) — The Austin Housing Conservancy fund became $150,000 richer Tuesday morning.
Representatives with Wells Fargo and the U.S. Conference of Mayors presented a one hundred grand check at City Hall to Affordable Central Texas (ACT) and Mayor Steve Adler.
But they had a surprise for them — another check worth $50,000 for ACT. Each supports the work of the conservancy fund.
ACT manages the fund. The group sees it as one solution to address Austin’s ongoing affordability crisis. They believe this first use of a large scale economic model helps broaden economic opportunity and resources while enabling Austinites to thrive, per their press release.
Their goal is to preserve workforce housing apartment buildings. According to the release, the fund aims to save them from being gentrified and protect existing tenants so they won’t be displaced.