$450,000 Grant Announced to Support Affordable Housing Options for Middle-Income Austinites

Funding to help nurses, teachers and other essential workers who are
struggling to live in Austin

AUSTIN, Texas–(BUSINESS WIRE)–Affordable
Central Texas (ACT)
, the investment manager and sponsor of the
Austin Housing Conservancy Fund, a local open-ended private equity
investment fund that preserves affordable multifamily rental housing for
moderate- and middle-income Austinites, announced today it has received
a $450,000 operating grant from St. David’s Foundation.

“We’re incredibly grateful to St. David’s Foundation not only for the
grant, but for their continued support,” said David Steinwedell, CEO of
Affordable Central Texas. “We share a common goal to increase
Austinites’ access to opportunity, whether that means proximity to good
schools, transportation options or employment, and I’m eager to explore
the positive impact that stable housing can have on Austin’s moderate-
and middle-income workforce.”

Affordable Central Texas is among 41 nonprofits that received grants
totaling more than $18 million from St. David’s Foundation in December
2018. The grant—to be distributed to ACT over two years—will be used to
improve operations, assess residents’ educational, health care and
financial needs, and determine and measure the impact of the Fund’s
property purchases.

“It’s our vision to make Central Texas residents the healthiest people
on the planet,” said Earl Maxwell, CEO of St. David’s Foundation. “As
rent prices increase, our teachers, first responders, nurses and others
are pressured with a choice nobody should ever have to make: housing or
opportunity. By partnering with ACT, we want to make sure Austin’s
workforce has a stable place to live and access to opportunity.”

To learn more about Affordable Central Texas, visit www.austinhousingconservancy.com/about.
To learn more about the Fund, visit www.austinhousingconservancy.com.

About Affordable Central Texas

Affordable Central Texas, a 501(c)(3) nonprofit, is the sponsor and
investment manager of the Austin Housing Conservancy Fund. ACT was
formed in 2016 by a group of highly experienced Austin real estate,
finance and affordable housing professionals. ACT has been the recipient
of several recent operating grants from the St. David’s Foundation,
TEGNA and SynerMark Properties in addition to previous grants from the
Michael and Susan Dell Foundation, Wells Fargo, Seton and IBC Bank, as
well as contributions from numerous individuals. For more information,
visit www.affordablectx.org.

About the Austin Housing Conservancy Fund

The Austin Housing Conservancy Fund is an open-ended social impact
private equity fund. The first of its kind to provide long-term
moderate- and middle-income housing preservation, the Fund’s purpose is
to purchase and preserve affordable multifamily rental housing for
Austinites. Raised, funded and deployed in Austin, the Fund delivers
risk-adjusted financial returns through flexible, discretionary
investments that directly benefit Austin’s teachers, nurses, first
responders and other core workers. For more information, visit www.austinhousingconservancy.com.

About St. David’s Foundation

St. David’s Foundation is one of the largest health foundations in the
United States, funding more than $70 million annually in a five-county
area surrounding Austin, Texas. Through a unique partnership with St.
David’s HealthCare, a Malcolm Baldrige award-winning hospital system in
Central Texas, the Foundation reinvests proceeds from the hospital
system back into the community, with the goal of building the healthiest
community in the world. St. David’s Foundation also operates the largest
mobile dental program providing charity care in the country and runs the
largest healthcare scholarship program in Texas.

The foundation’s strategic priorities include:

  • Providing Central Texans with the healthiest care in the world,
  • Creating the healthiest places for Central Texans to live, and
  • Helping Central Texans become the healthiest people they can be.

Learn more about St. David’s Foundation at www.stdavidsfoundation.org

Contacts

Victoria Jett
Red Fan Communications
O: (512) 551-9253 / C:
(512) 468-1016
victoria@redfancommunications.com

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