The overview
The Cady Lofts permanent supportive housing, or PSH, development is located in the Hancock neighborhood just off I-35. It's the latest in a string of homeless housing projects funded by the city, county and other sources to open in the 2020s under a push to expand PSH in Austin.
Income-restricted units—reserved at Cady Lofts for those making 40% to 60% of the local median income, now $133,800 for a four-person household—are available with case management and wraparound services like financial and job skills training, benefits enrollment, literacy programs and health screenings offered at no cost. The new housing development also features shared common spaces.
“Permanent supportive housing is never easy to bring to life, and Cady Lofts has faced countless hurdles. And today’s opening is a victory not only for everyone who participated in the development, but for everyone who believes in the life-changing importance of permanent supportive housing," said Sally Gaskin, president of developer SGI Ventures Inc., at the property's April 23 grand opening.
Sharon Simmons, one of Cady Lofts' first residents, said she moved into her apartment this year after experiencing homelessness for about a decade following an ECHO assessment.
“I’d never been so happy in my life. I learned to actually live out of a backpack. Now I’m putting clothes on a coat hangar and living normally," she said. "I know we’re all just passing through, but this is home.”
City officials including Mayor Kirk Watson and council member Zo Qadri, who represents the Hancock area, said the complex is a new example of Austin's continuing investments in homeless housing and services.
“I think you're getting ready to see that with all of the good work that we’ve done over the past number of years to get us to a point like this, I think you’re getting ready to see that go even further," Watson said. "You will see as part of this budget process that the city of Austin is getting ready to go through, you will see not just a recommitment but a brand new commitment to how we address the people that are living homeless in our community.”
Qadri also said he expects upcoming civic financial planning will focus further on homelessness issues.
"We’re far from a perfect city, but I always say that we should be judged as a city on how we treat our most vulnerable communities," he said. "Whether it be Cady Lofts or a lot of things that we’re going to work on during the budget, we’re making those strides as a city government, as a city council, and I’m really excited of what the future holds for so many."
“Today is not just about opening doors, today is not just about celebrating a big, beautiful blue and green building," he said. "It’s about unlocking the potential, it’s about learning the new routines, and it’s about the kind of peace that all of us take for granted: the peace of not having to worry about where you’re going to lay your head at night. The mental wellness, the mental health.”
In an interview, Gaskin also noted the "coup" of building Cady Lofts west of I-35 and close to downtown. It's is now the most centrally located PSH development supported by the city with access to transit, health care centers and retail.
“Access to the bus system is huge. And within walking distance, everything that’s so close. And job opportunities," she said.
Cady Lofts was financed through a mix of public and private sources, including $7.2 million in loans from Austin's 2018 and 2022 housing bonds. According to Hunt Capital Partners, the project also received:
- $18.5 million in state and federal Low-Income Housing Tax Credits syndicated by Hunt
- An $8.5 million loan from Cadence Bank
- A $2 million loan from the Central Texas Housing Accelerator Fund
- $2 million from the Austin Affordable Housing Corporation through the FHLBank Dallas affordable housing program
- A $1.1 million state allocation from federal homelessness funds
- A $225,000 loan and $75,000 grant from the Texas State Affordable Housing Corporation
