Guaranty Bancshares, Inc., the parent company of Guaranty Bank & Trust, announced a $1 million equity investment in the Austin Housing Conservancy Fund (AHC) to support workforce affordable rental housing in Central Texas.
AHC is a private equity fund focused on purchasing multi-family properties and preserving them as affordable housing for front-line personnel, creatives, teachers, and nurses and more in the greater Austin area. This fund structure was created and managed by the non-profit Affordable Central Texas.
Ty Abston, CEO of Guaranty Bank & Trust “Our bank recognized the opportunity to invest in this Fund to participate in providing affordable housing that meets unaddressed moderate-to middle-income needs. The Fund has a direct social impact being directly deployed in Central Texas and Guaranty is proud to be a part of this opportunity that addresses community reinvestment solutions.”
Currently the fund owns seven multi-family rental properties, managing 1740 units throughout the Austin area for residents primarily earning below 80% percent of the local median family income. “AHC presented a unique opportunity for our bank to invest in affordable housing and families in our community that need it the most, that is a huge win for the bank,” said Ryan Coaxum, Vice President, and Community Development Officer at Guaranty Bank & Trust. Launched in 2018, the 10-year goal of the fund is to preserve over 10,000 rental units for 15,000 Austin residents.
“Austin has enjoyed great growth and success as a city and region,” said David Steinwedell, President, and CEO of Affordable Central Texas. “This growth has come with the increasing need to provide housing that is affordable to moderate income Austinites who are the backbone of our great city – the teachers, medical workers, bank tellers and creatives who make Austin the place we love to live.”
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