The Mueller Foundation

[EC8] Catellus, a ProLogis business unit, serves as master developer for Mueller, a 711-acre mixed-use community located less than three miles from downtown Austin, Texas. The award-winning project incorporates a number of new urbanism and green building principles, and also offers the Mueller Affordable Homes Program. This program, which is one of the most ambitious in the country, requires a minimum of 25% of the project’s for-sale and for-rent residences to be deemed affordable.

To support this program, as well as efforts related to schools and education, parks and open space, job training programs, sustainable development and other charitable programs, Catellus helped form the Mueller Foundation, a 501(c)(3) Texas non-profit organization with an independent Board of Directors. The Foundation enables Catellus to implement a "shared appreciation" program, where affordable-qualifying families enter into an agreement with the Mueller Foundation, which provides an interest-free second lien on affordable homes.

In effect, the Mueller Foundation makes up the difference between the sales price and the market value of the home. Proceeds generated from the program, which are procured through home sales fees and appreciation sharing, are used by the Mueller Foundation to support long-term affordable and other community goals. To date, the Mueller Foundation has closed on more than 100 affordable homes.

The Mueller Foundation aims to generate more than $35 million before Mueller’s completion, which is estimated to be 10 to 15 years from now. Catellus has selected the Austin Community Foundation to manage the funds. These funds will be used to ensure that Mueller's ambitious Affordable Homes Program remains vital for years to come. For more information on the Mueller Foundation and the Mueller Shared Appreciation Program, please go to: http://www.muelleraustin.com/homes/affordable/affordability.php.