The Affordable Program at the old airport development in Austin provides a shared equity program to qualifying home buyers.
In 2019 the neighborhood is almost fully built out – as I write this there are affordable homes available right now. The $8,000 first time home buyer tax credit is long gone!
Who qualifies for the Mueller Affordable program? Families who earn below 80% of the Austin area median family income. This has been updated in 2009, so 80% of the median family income for a 2 person household was $45,500 in 2008 it is $46,900 in 2009. For a 2 person household in 2018/19 it is $55,050.
Who qualifies for the $8,000 Tax Credit? No-one in the last decade!
So can I get an affordable home at Mueller and an $8,000 tax credit? Not any more.
The tax credit is only applicable to homes purchased before December 1st 2009, and right now, there are no affordable homes available. That will change if an existing homeowner wants to sell their home back to the Mueller foundation and it becomes available back on the affordable resale market.
The builders don’t have any new affordable homes under construction at this point, and there are none available.
If you would like to keep informed when new affordable homes become available, send me an email and I’ll let you know as more are about to be built, or as resale homes become available.
What alternatives are there to the Mueller Affordable Program? The City of Austin has a downpayment assistance scheme. One of the City’s options is a shared equity model very similar to the affordable program at Mueller, though is not limited to homes at Mueller. You could buy a qualifying resale home anywhere within the City Limits and get the City to pay your downpayment up to $40,000.
Garreth Wilcock is a Mueller Resident and Realtor ® and represents buyers of any homes at Mueller, and helps buyers with the City’s downpayment assistance program.