AUSTIN, Texas -- More than 300 homes are being set aside for people working in Austin.

A local real estate investment fund says it just closed on the Preserve at Wells Branch in North Austin.

It's a joint investment between the Housing Authority and the city.

The goal is to maintain affordable housing options for middle income families.

"Our plan is to do modest rehabilitation of the properties and keep them affordable for people within the 60 to 120 percent of median income, and really we keep them affordable by limiting our rental rate growth to wage growth," David Steinwedell, CEO of Affordable Central Texas, said.

Housing Authority of the City of Austin says current tenants won't be displaced and moderate renovations will be made.

There are now more than 2,500 workforce units like this in Austin.