Resources for Mueller Affordable Homeowners regarding refinancing and resales can be found here.

Milestones reached to date (as of November 2011) include:

• $10.7 million in value has been captured to ensure home affordability
• 174 affordable homes for individuals and families have been sold and are now occupied
• Exceeding stated goal of 25% of home rentals for a period of five years has now been extended to a period of 40 years
• Exceeding stated goal of 25% of home sales at 80% median family income (MFI), currently performing at:
  • .1% at 40% MFI
  • 3% at 41-49% MFI
  • 7% at 50-59% MFI
  • 23% at 60-69% MFI
  • 62% at 70-80% MFI
• Sustained affordability with two home re-sales and 49 refinances with an average savings of $172 in monthly mortgage payments by homeowners
• Phase III includes 50 new affordable homes.  To date, 40 are in progress or have already sold.   Ten are available.

• Breakthrough for partially funding 25 seventh and eight grade students at Kealing Middle School to become first-generation graduates;
• Campfire for funding 96 pupils from Maplewood and Blanton Elementary and 60 adults for one year who engage in the outdoor program called Kids Unplugged;
• Communities in Schools (CIS) to help fund at-risk intervention for 115 Kealing Middle School students;
• Theatre Action Project (TAP) to fund Learning Through the Arts program for 310 students at Maplewood Elementary.

Mueller Foundation Board Chair Greg Weaver noted that the education grants help these proven organizations work to close the opportunity gap for AISD students.

“We know that 70% of low-income kids do not have access to after-school programming,” Weaver said.  “The Mueller Foundation is able to help kids by lending needed financial support to programs proven to help close those gaps in urban neighborhoods and schools,” Weaver added.

Through a pre-development letter of commitment as a “backstop” for a low-interest loan from the Mueller Foundation, DMA Development Company, LLC, was able to secure financing and coveted federal tax credits.  This backing provided the margin of difference between winning and losing the competition for qualified tax credit projects, allowing Austin to win a two-point advantage in scoring among a crowded field of projects for a limited number of tax-credit housing developments.  (Also notable:  Foundation Communities and this project allowed Austin to bring two tax credit developments to market).

These credits are extremely important. Without these credits, and/or other types of subsidies, developers have little incentive to develop affordable living units given the cost and risk inherent with this type of project.

Efforts by the Mueller Foundation include generating influential media coverage in hopes others will be encouraged to adopt innovative approaches to including affordable housing by using Mueller as a promising model.

“Unlocking doors at Mueller” Austin American-Statesman excerpt:

“…one program supplying 1,000 affordable homes does not begin to address the shortage. But think of what could happen if 1,000 developers replicated the Mueller Foundation affordable homes program. That would make a big difference that would help teachers, first-time buyers, public employees and others be able to afford to buy homes in Austin…Catellus’ model does provide a blueprint for other developers and for the city as it looks to develop other properties.”