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TEXAS BANKING NEWS, PEOPLE AND IDEAS

News

Frontier Bank Backs Austin’s Core Workforce with $1 Million Investment

November 11, 2021

Elgin-based Frontier Bank of Texas is helping stabilize housing expenses for moderate- and middle-income families in the Austin area. The Central Texas community bank is investing $1 million in the Residency Support Fund of the Austin Housing Conservancy (AHC), a group at the forefront of addressing Austin’s workforce affordability crisis.

“We are fully committed to the conservancy and what it is accomplishing for local families and individuals,” says Patrick Johnson, Frontier Bank of Texas CEO. “Without its support, we risk continuing to lose teachers, nurses, first-responders and many more salaried professionals because the Austin housing market is pricing them out of an affordable place to live.”

Frontier Bank of Texas and those supporting the work of the conservancy see the organization as a vital partner in keeping quality salaried professionals in the workforce. According to AHC, the annual income required to afford a two-bedroom apartment in Austin is estimated at $64,000. In comparison, an entry-level educator earns about $51,000, a policeman and licensed professional nurse about $57,000 and a plumber approximately $57,000. As more affordable rental properties are removed from the landscape, the gap between income and living expenses grows wider.

In an effort to preserve affordable housing options, AHC invests in those fast-disappearing multifamily properties and offers them as rental options to moderate- and middle-income families and individuals. It is a direct investment in workers who don’t have access to assistance programs currently available to low-income residents. Over time, the affordable rental rates increase proportionally with a growth in wages.

“We are facing a challenge that needs to be addressed for the long haul,” says Kirk Watson, Frontier Bank of Texas chairman. “If we don’t meet it head-on now, we will wind up like so many major metropolitan areas across the country that have priced core workers out of the city.”

To date, the Austin Housing Conservancy Fund has invested $123 million in four properties, including The Preserve at Wells Branch, The Bridge at Northwest Hills, The Bridge at Terracina and Melrose Trail Apartments. In total, the properties are comprised of 1,000 units and serve 1,500 Austin residents. Investment by partners such as Frontier Bank enables AHC to acquire more such properties before they become a part of the city’s history.

Established in 2007, Frontier Bank of Texas operates locations in Elgin, Bastrop, Manor, Austin, Leander, Buda and Round Rock.

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About

Bankers Digest is your source for Texas banking news and information, including bankers on the move,  bank developments across the state, industry updates, regulations and job opportunities. Click here to contact the editorial department.

Subscribe to Bankers Digest

Bankers Digest’s e-newsletter is distributed three times a month. Sign up today to stay in the loop—it’s free!

About

Bankers Digest is your source for Texas banking news and information, including bankers on the move,  bank developments across the state, industry updates, regulations and job opportunities. Click here to contact the editorial department.

News

Frontier Bank Backs Austin’s Core Workforce with $1 Million Investment

November 11, 2021

Elgin-based Frontier Bank of Texas is helping stabilize housing expenses for moderate- and middle-income families in the Austin area. The Central Texas community bank is investing $1 million in the Residency Support Fund of the Austin Housing Conservancy (AHC), a group at the forefront of addressing Austin’s workforce affordability crisis.

“We are fully committed to the conservancy and what it is accomplishing for local families and individuals,” says Patrick Johnson, Frontier Bank of Texas CEO. “Without its support, we risk continuing to lose teachers, nurses, first-responders and many more salaried professionals because the Austin housing market is pricing them out of an affordable place to live.”

Frontier Bank of Texas and those supporting the work of the conservancy see the organization as a vital partner in keeping quality salaried professionals in the workforce. According to AHC, the annual income required to afford a two-bedroom apartment in Austin is estimated at $64,000. In comparison, an entry-level educator earns about $51,000, a policeman and licensed professional nurse about $57,000 and a plumber approximately $57,000. As more affordable rental properties are removed from the landscape, the gap between income and living expenses grows wider.

In an effort to preserve affordable housing options, AHC invests in those fast-disappearing multifamily properties and offers them as rental options to moderate- and middle-income families and individuals. It is a direct investment in workers who don’t have access to assistance programs currently available to low-income residents. Over time, the affordable rental rates increase proportionally with a growth in wages.

“We are facing a challenge that needs to be addressed for the long haul,” says Kirk Watson, Frontier Bank of Texas chairman. “If we don’t meet it head-on now, we will wind up like so many major metropolitan areas across the country that have priced core workers out of the city.”

To date, the Austin Housing Conservancy Fund has invested $123 million in four properties, including The Preserve at Wells Branch, The Bridge at Northwest Hills, The Bridge at Terracina and Melrose Trail Apartments. In total, the properties are comprised of 1,000 units and serve 1,500 Austin residents. Investment by partners such as Frontier Bank enables AHC to acquire more such properties before they become a part of the city’s history.

Established in 2007, Frontier Bank of Texas operates locations in Elgin, Bastrop, Manor, Austin, Leander, Buda and Round Rock.

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Previous Austin Bank Welcomes Allen as Assistant Vice President and Relationship Manager Next Jensen Joins North Dallas Bank and Trust as Executive Vice President of Marketing and Communications

MORE News

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The 10-Year Rule is Here to Stay

Susser Bank Golf Classic Raises $225,000+ to Support MD Anderson Cancer Center

SW Graduate School of Banking Announces 160th Assembly for Bank Directors

Jacksonville-based Austin Bank Celebrates Two New Branches in Houston Region

1 2 … 5 Next >

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Bankers Digest’s e-newsletter is distributed three times a month. Sign up today to stay in the loop—it’s free!

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About

Bankers Digest is your source for Texas banking news and information, including bankers on the move,  bank developments across the state, industry updates, regulations and job opportunities. Click here to send us your bank’s news or to contact the editorial department.

Subscribe to Bankers Digest

Bankers Digest’s e-newsletter is distributed three times a month. Sign up today to stay in the loop—it’s free!

About

Bankers Digest is your source for Texas banking news and information, including bankers on the move,  bank developments across the state, industry updates, regulations and job opportunities. Click here to send us your bank’s news or to contact the editorial department.

News

Frontier Bank Backs Austin’s Core Workforce with $1 Million Investment

November 11, 2021

Elgin-based Frontier Bank of Texas is helping stabilize housing expenses for moderate- and middle-income families in the Austin area. The Central Texas community bank is investing $1 million in the Residency Support Fund of the Austin Housing Conservancy (AHC), a group at the forefront of addressing Austin’s workforce affordability crisis.

“We are fully committed to the conservancy and what it is accomplishing for local families and individuals,” says Patrick Johnson, Frontier Bank of Texas CEO. “Without its support, we risk continuing to lose teachers, nurses, first-responders and many more salaried professionals because the Austin housing market is pricing them out of an affordable place to live.”

Frontier Bank of Texas and those supporting the work of the conservancy see the organization as a vital partner in keeping quality salaried professionals in the workforce. According to AHC, the annual income required to afford a two-bedroom apartment in Austin is estimated at $64,000. In comparison, an entry-level educator earns about $51,000, a policeman and licensed professional nurse about $57,000 and a plumber approximately $57,000. As more affordable rental properties are removed from the landscape, the gap between income and living expenses grows wider.

In an effort to preserve affordable housing options, AHC invests in those fast-disappearing multifamily properties and offers them as rental options to moderate- and middle-income families and individuals. It is a direct investment in workers who don’t have access to assistance programs currently available to low-income residents. Over time, the affordable rental rates increase proportionally with a growth in wages.

“We are facing a challenge that needs to be addressed for the long haul,” says Kirk Watson, Frontier Bank of Texas chairman. “If we don’t meet it head-on now, we will wind up like so many major metropolitan areas across the country that have priced core workers out of the city.”

To date, the Austin Housing Conservancy Fund has invested $123 million in four properties, including The Preserve at Wells Branch, The Bridge at Northwest Hills, The Bridge at Terracina and Melrose Trail Apartments. In total, the properties are comprised of 1,000 units and serve 1,500 Austin residents. Investment by partners such as Frontier Bank enables AHC to acquire more such properties before they become a part of the city’s history.

Established in 2007, Frontier Bank of Texas operates locations in Elgin, Bastrop, Manor, Austin, Leander, Buda and Round Rock.

SHARE THIS FEATURE:

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MORE News

Loading...

The 10-Year Rule is Here to Stay

Susser Bank Golf Classic Raises $225,000+ to Support MD Anderson Cancer Center

SW Graduate School of Banking Announces 160th Assembly for Bank Directors

Jacksonville-based Austin Bank Celebrates Two New Branches in Houston Region

1 2 … 5 Next >

Subscribe to Bankers Digest

Bankers Digest’s e-newsletter is distributed three times a month. Sign up today to stay in the loop—it’s free!

Search

About

Bankers Digest is your source for Texas banking news and information, including bankers on the move,  bank developments across the state, industry updates, regulations and job opportunities. Click here to send us your bank’s news or to contact the editorial department.

Subscribe to Bankers Digest

Bankers Digest’s e-newsletter is distributed three times a month. Sign up today to stay in the loop—it’s free!

About

Bankers Digest is your source for Texas banking news and information, including bankers on the move,  bank developments across the state, industry updates, regulations and job opportunities. Click here to send us your bank’s news or to contact the editorial department.

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© 2024 Bankers Digest—Published by IBAT Marketing Inc.
a SUBSIDIARY of the Independent Bankers Association of Texas

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© 2024 Bankers Digest—Published by IBAT Marketing Inc.
a SUBSIDIARY of the Independent Bankers Association of Texas3

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© 2024 Bankers Digest—
Published by IBAT Marketing Inc.,
a SUBSIDIARY of the Independent Bankers Association of Texas