AUSTIN (KXAN) — The Austin City Council will take up an idea on Thursday to get more affordable housing built in the city.
The council is considering adding a new level to its vertical mixed-use development program. VMUs typically provide commercial spaces on the ground floors of buildings and homes on the upper floors.
Known as VMU2, the proposal to be reviewed would allow developers to build 30ft more than current rules allow in vertical mixed-use areas.
In return, 12% of all rent units should be reserved for households earning no more than 60% of the Austin-Round Rock median household income (see 2021 data below).
VMU2 would give developers a second option to reserve 10% of rental units for those earning up to 50% of median family income.
Developments that would include houses for sale would have to offer 12% of their inventory to those earning 80% or the median family income – or builders could opt to provide affordable housing and pay a fee “equivalent to 12% of total units” instead.
The board was due to vote on VMU2 in April.
Check back for updates on this developing story.