Multifamily Deal Adds 240 Units of Affordable Housing
Bill Fisher, representing Dallas-based, Rise Residential Construction (RRC) was on hand to present a check to the Housing Authority of Travis County Board of Commissioners at its May 5 Board meeting. The$550,000 check represents the partnership forged with the Housing Authority of Travis County(HATC)/Strategic Housing Finance Corporation (SHFC), and the developer to construct 240 units of much needed affordable housing in Southeast Austin near the Austin-Bergstrom International Airport.
Funded with the assistance of Texas Department of Housing and Community Affairs’ Housing Tax Credit Program [www.tdhca.state.tx.us/multifamily/housing-tax-credits-4pct/index.htm], the estimated $ 37 million development will provide 108 one-, 72 two-, 42 three- and 18 four-bedroom units of affordable housing to serve residents with incomes of 60 percent and below of the Area Median Income (Austin-Round Rock Metropolitan Statistical Area). The Tax Exempt Bond Program coupled with 4% Low Income Housing Tax Credits (LIHTC) are the primary means of directing private capital toward the development and preservation of affordable rental housing for low-income households. As development partners in the project, HATC/SHFC will provide both Ad Valorem and Sales Tax Exemption for the 240-unit development,helping to ensure the feasibility of the project.
“We are very excited to partner with RRC to help expand the supply of quality affordable housing in Travis County – a growing problem challenging our community’s livability,” says Board member Ann Denton.
Construction of “Colorado Creek Apartments” is tentatively scheduled for June 2016, with an anticipated completion date of March 2018.
The Housing Authority of Travis County (HATC) and the Strategic Housing Finance Corporation(SHFC) is committed to preserving the supply of affordable housing for residents of Travis County,and is seeking additional development partners. Additional information regarding HATC and SHFC can be found by visiting www.hatctx.com.
