The city of Austin is getting updated information as it continues looking for ways to meet one of its biggest economic development challenges: housing.

The City Council voted 5-0 — with council members Laura Helle and David Hagen absent — to spend $14,000 from its $125,000 contingency budget to hire Maxfield Research to update its 2013 housing study.

“That study’s essentially used as kind of a marketing tool to solicit interested developers and give the city a first-hand view of what the marketplace looks like across the segments,” City Administrator Craig Clark said.

That study outlined the need for nearly 300 rental units and 118 single family units by 2020.

But as the city moves ahead, it will look to have the most up-to-date information on trends and Austin’s needs.

“If we want to have the best and most current information, we’d probably be warranted to go ahead to do the update now,” Clark said.

The city is approaching Vision 2020 about a possible partnership as it updates the housing study.

Housing continues to be one of the city’s key economic development focuses; however, it’s also a complex issue requiring a multi-faceted approach in solutions.

While Austin’s made headway through things like the Science Park apartment project and a housing tax abatement, which has been offered in partnership with Mower County and Austin Public Schools, there’s still a long way to go.

Clark has said the housing tax abatement saw a good start last year, but they’re waiting to see how it carries forward into this spring’s construction season.

The city is also taking steps in partnership with the Austin Housing and Redevelopment Authority on the Fox Pointe development, which would feature 38 town homes in an area north of Wal-Mart.

As the council continues discussing housing, the city will face some decisions, Clark said, like: Should the city potentially own an apartment project or should it wait on private developers?

The city has started outlining potential funding and economic incentive options to help entice developers to build in Austin.

The council has briefly begun discussing what kind of financial investment it should put toward the city’s housing needs, but council members have wanted to first receive more information on Austin’s housing challenges at a work session.

The council must officially approve the motion during its next regular meeting on April 17.