Saison North is projected to be 116, one- to three-bedroom affordable housing apartment units. Qualifications for tenants will vary with 34 of the units available at market rate; nine units available for those making at 30% or below the median family income; 34 units for those making at 50% or below the median family income; and 39 units for those making at 60% or below the median family income. The units will remain affordable for 45 years.
According to city of Austin documents, the project previously was awarded $3.2 million in AHFC funds in August, bringing the total AHFC funding to $6.2 million.
In its application for rental housing development assistance, Saison’s developer, O-SDA Industries, said the additional $3 million was requested as “a result of increasing construction costs due to supply chain issues and the COVID-19 pandemic as well as unexpected city of Austin design changes and fees.”
The AHFC funds come from a 2018 general obligation bond.