One goal of the redevelopment of Austin’s old Mueller airport is to keep 25% of the homes affordable. What does this mean and when can you get one?
The Mueller affordable program is income qualified – you have to earn less than 80% of the Austin Median Family income. The income chart for 2009 is available here, though it may be updated in 2010 soon. You also have to be able to apply for and qualify for a loan.
There are two new types of housing which are both projected to have 50% available to the program. The first is a garden court style home, which I expect will begin selling around summer time. The second is a condo type home – part of the Mueller House concept, in which a large estate home is divided into 4-6 units.
The exciting part of the program is that it makes living 3 miles from Downtown Austin affordable – prices are expected to be around $140k-$160k. You get a new energy efficient home in a green development, the only draw back being that the home is not entirely your own. There’s a soft second lein on the home (one you don’t have to pay principal or interest on), which in essence means that you own something like 65-75% of the home. So when you come to sell, you only get the same proportion of the profit.
As a Realtor at Mueller, I can represent you as your buyer’s agent, and help you buy a home at no cost to you. If you would like to join my waiting list, I can let you know as soon as the program becomes available again, and when you can apply to get qualified.
Garreth Wilcock is a Realtor at Mueller Austin, helping people buy affordable homes. Call +1 (512) 829-1351 or email to get notified as homes become available.