The nonprofit investment in workforce housing at Mueller has grown to more than $26 million and 377* affordable homes, a significant milestone for the six-year-old Mueller Affordable Housing Program.
“It’s a good story of promises made and promises kept,” said longtime advocate and Mueller Foundation board member Jim Walker. “The goal of making 25 percent of all Mueller homes available to those who earn 80 percent or less than the median family income (MFI) is a goal being met. This $26 million milestone translates to 466 working families in Central East Austin who have successfully qualified for and purchased a home at Mueller.”
There are more homes underway. Phase III at Mueller includes 97 new affordable homes and 14 unsold/available.
Highlights since inception:
- $26 million in value has been captured to ensure home affordability;
- 396 affordable homes have been sold;
- 466 working individuals and families served;
- Sustained affordability with 70 re-sales of affordable homes;
- 58 refinances with an average savings to homeowners of $149 monthly;
- Exceeding stated goal of 25% of home sales at 80% median family income (MFI), currently performing at:
- 2% at 41-49% MFI
- 8% at 50-59% MFI
- 20% at 60-69% MFI
- 53% at 70-80% MFI
- 16% at 81-120% MFI
* Includes 15 workforce homes sold to families at 120% MFI