FM 969 / Urban Empowerment Zone
The FM 969 / Urban Empowerment Zone (fmrly. Willow East Apartments) is a planned 360-unit multifamily development located on East Martin Luther King Jr. Boulevard near the intersection of US-183 in Austin. It is being developed by Narrow Road Group in partnership with Capital A Housing/Austin Area Urban League and TCFC as approved through Resolution Nos. TCFC-2022-10 and TCFC-2023-11. This will be a permanent supportive housing community, with 80 units (22%) reserved as permanent supportive housing averaging 46.25% of the area median income. An additional 45 units (13%) will be reserved for tenants earning up to 60% of the area median income, and 55 units (15%) will be for those earning up to 80% of the area median income. The remaining 180 units (50%) will be rented at market rates. The project received approval from the City of Austin and has executed a cooperation agreement with the Housing Authority of the City of Austin. TCFC will own the land and project, leasing it back to the developer partnership.
Details
Documents
Resolution No. TCFC-2024-15
October 3, 2024
To approve ratifying the FM 969 apartments (formerly known as the Willow East apartments) transaction located at approximately 6400 FM 969, including the execution of all documentation necessary to carry out the transaction. Authorize the purchase of the land for the transaction and the lease of such land for the transaction. Authorize the Travis County Facilities Corporation (TCFC) to serve as a general contractor, and address other matters in connection therewith.
Resolution No. TCFC-2022-04
July 7, 2022
To approve partnerships between Travis County Facilities Corporation, Travis County Supportive Housing Collaborative, and developers to provide property tax exemptions and support the development of permanent supportive housing at three locations in Travis County.
Resolution No. TCFC-2022-10
November 3, 2022
To induce the development of Walnut Creek Commons, a proposed 240-unit affordable housing project, by authorizing negotiation and execution of a Term Sheet with Narrow Road Group outlining the terms of Travis County Facilities Corporation's partnership in financing, acquiring, constructing, and operating the development.
Financial Analysis - 6400 FM 969 / Urban Empowerment Zone
August 21, 2024
The CBRE report for FM 969 Apartments in Austin, Texas, commissioned by the Travis County Facilities Corporation, evaluates a proposed multi-family development with 360 units split into for-profit and non-profit components. The project relies on TCFC for tax exemptions. The for-profit site with 280 units is feasible only with rent restrictions and tax abatements, while the non-profit site with 80 units requires additional public assistance for feasibility.
