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Guaranty Bank & Trust Makes $1 Million Investment to the Austin Housing Conservancy Fund for Affordable Housing
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Guaranty Bancshares, Inc. (NASDAQ:GNTY) has announced a $1 million equity investment in the Austin Housing Conservancy Fund, aimed at enhancing workforce affordable rental housing in Central Texas. The fund, managed by Affordable Central Texas, focuses on multi-family properties for individuals in critical professions. Currently, it owns seven properties with 1,740 units targeted for those earning below 80% of local median income. The initiative aligns with the bank's community reinvestment goals and seeks to preserve over 10,000 rental units over the next decade.
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Investment of $1 million in Austin Housing Conservancy Fund to support affordable housing.
The fund aims to preserve over 10,000 rental units for low-to-moderate income residents over 10 years.
Currently manages 1,740 units, maintaining affordability for residents earning below 80% of median income.
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ADDISON, Texas--(BUSINESS WIRE)--
Guaranty Bancshares, Inc.(NASDAQ:GNTY), 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 inventive 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 as a way 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.”
Housing affordability is one of Austin’s critical issues. Currently the fund owns seven multi-family rental properties, managing 1740 units throughout the Austin area that keeps rents affordable 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.”
About Guaranty Bancshares
Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. and has 32 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of December 31, 2022, Guaranty Bancshares, Inc. had total assets of $3.4 billion, total loans of $2.4 billion and total deposits of $2.7 billion. Visit www.gnty.com for more information.
About Austin Housing Conservancy
Affordable Central Texas (ACT) is a 501 (c)(3) and is the sponsor and investment manager of the Austin Housing Conservancy Fund. ACT was formed in 2016 by a group of highly experienced Austin real estate, finance, and affordable housing professionals to ensure Austin's workforce can afford to live in greater Austin by building a scalable social impact fund to preserve well-located multi-family apartment properties for long-term affordability as well as provide programs to build community and improve resident outcomes.
