City of Austin and Austin Housing Finance Corp. officials recently celebrated the opening of two new affordable housing options in North and Northwest Austin.
Red Oaks Apartments
Officials held a ribbon-cutting for Red Oaks Apartments on March 18, an affordable multifamily development in Northwest Austin developed in partnership with the Housing Trust Group.
The 70-unit community is available for households at or below 30%, 50% and 60% of the local median family income. The property includes studios, one-, two- and three-bedroom units and features amenities such as energy-efficient appliances, in-unit laundry, private covered terraces, high-speed internet access, walk-in closets, vinyl plank flooring and modern kitchen finishes. Units range from $1,118-$1,927, according to the apartment's website.
Per a news release, Red Oaks garnered funding through:
- $16 million in equity through 9% Low-Income Housing Tax Credits
- $15.6 million construction loan from Bank of America
- $7 million permanent loan from Berkadia through Freddie Mac
- $4 million Rental Housing Development Assistance program loan from AHFC
“In a housing market as competitive as Austin’s, projects like Red Oaks Apartments are essential to ensuring Austinites of all income levels can continue to live and thrive in our city,” said Deletta Dean, director for the Austin Housing Department, in the release. “By leveraging local tools like the RHDA program alongside state and private investment, we’re able to expand high-quality, sustainable affordable housing and strengthen the stability of our communities.”
Juniper Creek Apartments
City and AHFC officials also celebrated the ribbon-cutting for Juniper Creek Apartments on Feb. 12, a North Austin multifamily community that is part of Foundation Communities.
Per a news release, the community has 110 one-, two-, or three-bedroom units available for households earning 30%-60% of the local MFI, as well as units for families at-risk or experiencing homelessness.
Residents have access to a food pantry, learning center and on-site services for families, veterans, seniors and people with disabilities. Other amenities include two playgrounds, a dog park, a community garden, an outdoor fitness area, on-site laundry facilities, and two bus stops located within 500 feet of the property.
According to officials, Juniper Creek received:
- $6.6 million from AHFC through the RHDA program for predevelopment and construction costs
- $9.5 million from Travis County
- $5.1 million in private funding
- $1.75 million from Federal Home Loan Bank Dallas
- A 4% Low-Income Housing Tax Credits award from the Texas Department of Housing and Community Affairs
“It has been inspiring to see families moving into Juniper Creek,” Foundations Communities Executive Director Walter Moreau said in a news release. “Most of them are coming from difficult situations, and we look forward to seeing what this new home and the services we offer will help them achieve.”
