Guaranty Bank & Trust Makes $1 Million Investment to the Austin Housing Conservancy Fund for Affordable Housing
17 Febbraio 2023 - 5:27PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230217005296/en/
Cappy Payne Senior Executive Vice President & CFO Guaranty
Bancshares, Inc. (888) 572-9881 investors@gnty.com
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