Proposed VMU changes exchange taller buildings for added affordable housing

AUSTIN (KXAN) —  Although there are additional housing developments popping up all about Austin, it does not necessarily ensure they will be very affordable.

This 7 days, Austin Metropolis Council will choose on a new tier for its vertical combined-use (VMU) plan.

These days, any resident building 80% or much less of the median household money in Austin — $98,900 — can qualify for very affordable housing.

On typical, what is defined as “affordable” can price tag all over $1,350 for a one-bedroom condominium.

For Urbanspace Realtors CEO Kevin Burns, this appears to be sky significant.

“I simply cannot imagine we’re in a marketplace now in which $1,350 for a 1-bed room is deemed affordable,” he stated. “When I went to UT Austin, $1,350 would almost certainly get you a 3-bed room apartment.”

Momark Progress president Terry Mitchell stated the option is medium-density housing.

“The much more models you can include, the decreased your prices go for each unit,” he spelled out. “Which signifies lower rent and decreased the sales value.”

This indicates far more vertical mixed-use developments, buildings with flats on leading and professional area on the bottom.

All those are by now matter to a density bonus system from the town, exactly where the builders achieve height for designating inexpensive models.

A short while ago, Austin City Council place forth a proposal, which would generate a 2nd tier of VMU tasks that can create up to 30 ft of supplemental height in trade for even more inexpensive units.

“The occupancy premiums are so high in Austin correct now that folks that are wanting for apartments are not ready to uncover flats,” Austin Town Council member José “Chito” Vela mentioned.

Council’s amendment would remove advanced compatibility specifications, which have prevented proposed web sites from constructing their bonus peak.

“One solitary-household home can restrict the construction of a tall condominium setting up in a truly big spot all over it,” Vela stated.

Vela has also proposed another modification to this agenda item, which would waive parking requirements in purchase to make it possible for even extra units to be designed.

The Town stated its VMU software has already supplied far more than 540 very affordable housing models spanning around 29 tasks.

“Creating a lot more housing, in general, produces far more affordability, a lot more affordability reduces homelessness, it solves all complications,” Burns concluded.

VMU2 will be set to a vote by Austin Metropolis Council on Thursday.