SoCo 44 will be located at 4401 S. Congress Ave., Austin, and comprise 275 units, with all but 27 of them restricted to tenants earning incomes at or below 120% of the area’s median income.
Construction is planned to be completed in 2020.
The developer, Cypress Real Estate Advisors, requested the partnership of the county’s Housing Finance Corporation on this project. By approving the partnership, commissioners allowed the development to be exempt from property taxes while ensuring the HFC has additional input and control over the project.
“This project will target the ‘missing middle’ families that are over-income for traditional tax credit properties and, therefore, do not qualify to live in those projects but are not quite earning enough to afford a traditional market rate project,” wrote Andrea Shields, Travis County Corporations managing director, in an April 16 letter to commissioners.
The development is planned for a property at the intersection of the South Congress corridor and the St. Elmo district. Per Shields’ letter, “the area is beginning to gentrify and having affordability at the levels provided by this project will be key in maintaining the area’s population intact.”