Goodbye Affordable Housing in Austin

Check out the newest provision in the FHA guidelines. You know, the loans that make it easy for first time home buyers to buy affordable houses with little to no down payment. Julie and I bought our first house with one.

– Because of noise worries, FHA insurance will be unavailable when properties are within 1,000 feet of a highway, freeway, or heavily traveled road; 3,000 feet of a railroad; one mile of an airport; or five miles of a military airfield. Projects must take action to avoid or mitigate such conditions before completing the loan review process.

What does that leave? There are million dollar homes in Austin less than 3000′ from a railroad. Most of the affordable housing in Austin is that close. Have you looked at the affordable developments in South Austin? The ones that pretty much run along the tracks?