The Austin Housing Finance Corp. unanimously approved a $3 million loan for Saison North, a $36,296,253 affordable housing rental development planned in Northwest Austin at the site of the former North by Northwest restaurant at 10010 N. Capital of Texas Hwy.

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.