The newest development, Cardinal Point, is located in Northwest Austin in the Four Points area at 11015 Four Points Drive, Austin.
“We’ve always had a philosophy that we want to create housing in all parts of town,” Foundation Communities Executive Director Walter Moreau said. “People need options on where they can live.”
The $26 million development received most of its funding from state low-income housing tax credits, amounting to about $16 million. Remaining funds came from the city of Austin housing bonds, the St. David’s Foundation and a small mortgage.
The leasing office opens Oct. 16, and the complex opens in December. On Oct. 4, the organization gave a preview tour of the newest community, which could house about 300 residents.
HERE ARE FIVE FEATURES OF CARDINAL POINT
1. The community has 120 units with one-, two- and three-bedroom options.
Most units will have two or three bedrooms because of the organization’s focus on helping families, Moreau said.
Rent is based on a sliding scale depending on the resident’s income. The cost for one-bedroom units is $400-$855 per month, two-bedroom units are $475-$1,025 per month, and three-bedroom units are $540-$1,175 per month.
The lower-range prices are for families who were previously homeless, and 12 units are set aside for those families.
Residents may qualify to live at a Foundation Communities property if they earn 60 percent of the area median family income or less.
So far, 325 families have indicated interest in applying for housing at Cardinal Point, Moreau said.
2. Like its other communities, the nonprofit has incorporated several green options.
Foundation Communities will seek Leadership in Energy and Environmental Design status. All units have LED lighting, higher insulated walls and windows, and ceiling fans.
Solar electricity will power the community’s office and learning center, and Foundation Communities is the largest private producer of solar energy in Austin, Moreau said.
The site also will have an electric car charging station.
3. The site will have learning opportunities for both children and adults.
The community learning center will offer an after-school program for homework assistance as well as enrichment programs. Residents may also take fitness or cooking classes.
“The thing we’re known [for] around town is we have the biggest Zumba classes,” Moreau said.
Funding for some of the learning center programs, the playground and bike racks comes from the St. David’s Foundation.
“Your health is very much a function of where you live,” he said.
4. Residents will have access to area jobs.
Moreau said the area has 500 nearby lower wage jobs within one mile of the site, including at Target, HEB, Walgreens and Rudy’s BBQ.
Most residents will work close by, so Moreau said he does not anticipate a huge impact on traffic.
5. Foundation Communities is making the area more accessible.
The nonprofit was required to add 600 feet of sidewalks on the property, but through a partnership with the city of Austin, it is also adding another 1,100 feet of sidewalk to connect the property to RM 620 so residents can walk to HEB.