South First Street
The SoFi at 6311 Apartments is a 258-unit multifamily housing development located at 6311 South 1st Street in Austin. It was developed by Marcus Building Company in partnership with TCFC. To provide affordable housing options, 40% of the units (103 units) are reserved for tenants earning up to 80% of the area median income (AMI). Additionally, 5% of the units (13 units) will be set aside for those earning up to 60% of AMI, and another 5% (13 units) for households earning up to 50% of AMI. The remaining 129 units will be available at market rates. TCFC is acquiring the land, owning the project, and leasing it back to the partnership while also serving as the general contractor to reduce costs through tax exemptions.
Details
Documents
Resolution No. TCFC-2022-02
June 2, 2022
To authorize the officers of Travis County Facilities Corporation to execute agreements and documentation necessary for the acquisition, construction and operation of the SOFI at 6311 Apartments, a 258-unit affordable housing development, including purchase of land, lease to the developer partnership, and serving as general contractor.
