Arbor Park Apartments is now offering an affordable multifamily housing option for 55-plus active adults in Northwest Austin.

Some background

The community is a collaboration between DMA Development Company and the Austin Housing Finance Corporation, per a news release.

Construction on the development began in November 2021 and was completed last September. A grand opening was held mid-April for the new development at 6306 McNeil Drive, Austin.

“We are thrilled to have another community designed to fit the needs of active seniors living in Austin,” said Mandy DeMayo, interim director of the city of Austin's Housing Department, in a news release. “Arbor Park provides affordable housing options for an often-overlooked population.”


The details

The four-story community includes one- and two-bedroom units, and features amenities such as elevators, a community center, theater, library and game room, as well as in-unit amenities such as 9-foot ceilings and washer and dryer hookups.

A majority of the units will be reserved for households at or below the 80% median family income, per the news release. Of the 147 units:
  • 12 units are reserved for households at or below 30% MFI
  • 48 units are reserved for households at or below 50% MFI
  • 60 units are reserved for households at or below 60% MFI
  • 27 units are at market value with no income restrictions
Developments like Arbor Park are essential in providing stable housing for older adults who are often priced out of the market, said JoEllen Smith, executive vice president of DMA Development Company, in the news release.

“As housing costs continue to rise, many seniors—whether on fixed incomes or still working—struggle to find safe, accessible and community-oriented living options that meet their needs," Smith said.


The cost

Officials said construction of the community was funded through a variety of sources, including:
  • $14.09 million from tax credit equity
  • $2.2 million from a Housing Trust Fund loan through a program that covers about 70% of development costs using tax credits
  • $2 million from AHFC through the Rental Housing Development Assistance Program using 2022 General Obligation Bonds
The funding support played a “crucial role” in bridging financial shortfalls to ensure the project moved forward despite rising construction costs and other market challenges, Smith said.

“These funding sources were essential not just in bringing this project to life, but in ensuring that it remains a long-term, sustainable solution for Austin’s growing senior population in need of affordable housing,” Smith said.

In other news


AHFC is continuing to preserve other affordable housing options in Austin. In February, the corporation announced its partnership with Texas Housing Conservancy and Civicap Partners to acquire Twelve100 near The Domain and preserve 384 apartment units for affordable housing.