City celebrates East Austin groundbreaking

The city’s Housing Department is celebrating the groundbreaking of a new 204-unit affordable housing project in the East MLK neighborhood. The project is the result of a partnership between the Austin Housing Finance Corporation, the NHP Foundation and Capital A Housing on about 3 acres at 3511 and 3515 Manor Road. When complete, all units will be offered to those earning at or below 60 percent of the Median Family Income. AHFC approved the financing for the housing in July 2022. It will be funded by a “$40M tax-exempt Bond issued by the City of Austin, $3.4M Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in Austin Housing Finance Corporation subordinate debt financing through Rental Housing Development Assistance,” according to a press release about the project. Its construction will be broken into two phases – the 204 apartments will be the first, with Phase II consisting of permanent supportive housing on the site. The estimated move-in date for tenants is July 2025.