Cady Lofts permanent supportive housing community opens in Central Austin

The Cady Lofts permanent supportive housing community, located at 1004 E. 39th Street in the Hancock neighborhood of District 9, has opened to offer 100 fully furnished studio units dedicated to individuals exiting chronic homelessness. The units are aimed toward those with physical and mental disabilities, with residents selected through the Coordinated Entry System managed by the Ending Community Homelessness Coalition. Developed through a collaboration between SGI Ventures Inc. and the Austin Affordable Housing Corporation, a nonprofit subsidiary of the Housing Authority of the City of Austin, Cady Lofts offers wrap-around support services including job training, health screenings, benefits assistance and case management. Additional amenities are a library, computer center, community kitchen, and outdoor courtyard. Volunteers of America will manage the property, while Family Endeavors Inc. will serve as the primary service provider. ​Each unit comes with a dedicated housing voucher, allowing residents to pay no more than 30 percent of their income toward rent. The income restrictions are structured so that 20 percent of units serve individuals earning 30 percent of the area median income (AMI) or below, 60 percent for those at 50 percent AMI or below, and 20 percent for those at 60 percent AMI or below. ​The $25 million development was financed through a combination of public and private sources, including $13.84 million in tax credit equity, a $1.08 million loan from the Texas Department of Housing and Community Affairs (TDHCA), a $7.2 million loan from the Austin Housing Finance Corporation (AHFC), and a $2 million construction loan from the Austin Community Foundation’s Housing Accelerator Fund.