An analysis conducted by Dr. Elizabeth Mueller of the UT planning school showed that $75 million in Housing Bonds would leverage additional investment estimated at least $300 million in added spending by banks, private agencies, and the public. The bonds will also create an estimated 12,000 full time jobs in construction and related industries with $393 million in local wages along with additional tax revenue.
The Bonds will enable low-income families to spend for other needs than housing yielding new spending supporting 800 full time jobs annually and creating over $24.2 million in local wages.
Examples of Leveraging in Action
Lyons Gardens (Family Eldercare) Award-winning senior housing complex in East Austin with 53 homes. Cost of $5.8 million.
LEVERAGED FUNDING
HUD 202 Grant
$3,363,967
City of Austin
$ 800,000
Federal Home Loan Bank
$ 500,000
Topfer Foundation
$ 500,000
Mabee Foundation
$ 250,000
Meadows Foundation
$ 250,000
Mitte Foundation
$ 127,000
Family Eldercare
$ 10,000
Total
$5,800,967
Garden Terrace (Foundation Communities) Single room occupancy housing for 85 formerly homeless adults serving 106 persons a year. Cost of $4.5 million, with over 100 people on the waiting list.
