Travis County commissioners unanimously approved the issuing of $31 million in bonds to finance an affordable senior housing project in Pflugerville.
“I think this is fabulous, particularly because we know our senior population is growing, and it’s wonderful that we’re making these available at these deeply affordable rates,” Commissioner Brigid Shea said at a May 21 meeting of the Travis County Commissioners Court.
The Austin-Round Rock Metropolitan Statistical Area is home to the country’s second-fastest growing population of adults age 65 and older as well as the fastest-growing population of adults between 55 and 64 years old, according to the U.S. Census Bureau.
The Legacy Ranch at Dessau East Apartments will be located on the northeast corner of Fish Lane and Harrisglenn Drive, just north of the intersection of Dessau Road and Howard Lane.
The property will have 232 one- and two-bedroom units, with 55 units restricted for seniors with incomes at or below 40% of the area median income, or AMI; 44 units for seniors with incomes at or below 50% AMI; 57 units for seniors with incomes at or below 70% AMI; and 30 units for seniors with incomes at or below 80% AMI.
In fiscal year 2018, the area median income for a family of four in the Austin-Round Rock MSA was $86,000. For one person, it was $60,250.
The remaining 46 units will be offered at market rate.
Commissioners approved the bond acting in the capacity as the Travis County Commissioners Court TCC Hill Country Development Corp. and as the Travis Housing Finance Corp., nonprofits that issue tax-exempt bonds to encourage the development of affordable housing.
The boards of both those nonprofits approved the bond amount last August.
In issuing these bonds, the TCC Hill Country Development Corp. will serve as the general partner and general contractor on the project. The Travis County Housing Finance Corp. will serve as the bond issuer.
The developer for the project will be KCG Developer.