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WHAT IS BEING SPENT?
Table 1 provides a sample of public sector investments in housing that totaled more than $40 million in the 1998-99 fiscal year. These funds purchase a range of housing services including emergency home repair, public housing projects, and Section 8 rental assistance.
Table 1
Housing Investments in Travis County by Selected Major Public Investors, 1998-99
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FUNDING AGENCIES
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ANNUAL
EXPENDITURES
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PERCENT
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Housing Authority for the City of Austin (Including Grants)
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$21,385,337
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53%
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City of Austin Funding1 (Including Grants)
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$12,897,440
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32%
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Travis County Housing Authority
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$3,656,582
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9%
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Austin Travis County MHMR
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$986,518
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2%
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Travis County Direct Services
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$792,008
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2%
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Austin and Travis County Joint Social Service Contracts
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$333,242
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1%
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United Way/ Capital Area
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$143,000
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0.4%
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TOTAL
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$40,194,127
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100.0%
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Note: The 1998-1999 period represents varying fiscal calendars.
1 Total budget for the Neighborhood Housing and Conservation Services Division. $11,463,420 from the Federal Housing and Urban Development Department and $1,434,020 from the City's General Fund.
Many of the funding agencies above receive funding from the Federal Housing and Urban Development Department (HUD) and the Texas Department of Housing and Community Affairs (TDHCA). Additional investors include local non-profit and faith-based organizations and public/private partnerships. Many of the following organizations receive funding from local government organizations.
- Hands on Housing: Austin Metropolitan Ministries created an alliance of churches, business and civic organizations that work to provide free home repair for low-income elderly or disabled homeowners. In 1998, Hands on Housing had an operating budget of approximately $100,000.
- Habitat for Humanity: The local Austin branch of this faith-based non-profit organization had an operating budget of $1,833,536 in 1998. This figure includes all low-income housing construction, budget for the Re-Store (which sells donated building materials to raise funds), and all administrative costs associated with operating the non-profit organization
- Travis County Housing Finance Corporation: In 2000, approximately $10 million of bond funds will be used to provide qualifying homebuyers with 4% of the original loan amount to be used for down payment and closing cost assistance. Low-interest mortgage loans are also available with 6.4% rates. TCHFC makes these bond funds available approximately every two years.
- City of Austin Housing Opportunity Trust Fund: This program allocated $1,000,000 in September 1999 to address affordable housing in the community.
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