Austin non-profit Foundation Communities held a ceremonial groundbreaking for the forthcoming Waterloo Terrace community April 24.

Located at 12190 N. MoPac Expressway, Austin, the affordable housing community will include 132 units costing $450-$752 a month and is expected to open by fall 2020.

The project is being organized by Foundation Communities and funded through partnerships with the city of Austin, Wells Fargo, JPMorgan Chase and the 4ATX Foundation, which was founded by Austin FC.

"The staff have been working for 18 months to get the [Waterloo Terrace] building designed and permitted and to find the land to get to this day, and then it decided to rain," said Walter Moreau, Foundation Communities executive director, joking about the groundbreaking event being relocated indoors due to the bad weather.

Waterloo Terrace will be Foundation Communities' seventh supportive housing community for singe adults. Bluebonnet Studios, the venue for the groundbreaking event, is a Foundation Communities project that opened a couple of years ago in South Austin and was a model for Waterloo Terrace.

Waterloo Terrace will be built on 2.5 acres near the MoPac Expressway and Parmer Lane intersection. Moreau said the community is near the Domain, job opportunities, medical services at St. David’s Hospital and the Walnut Creek Greenbelt.

"We're in a location where there is a great need for affordable housing and we're just thrilled that we could be there," he said. "We want Waterloo Terrace to really be a community, a place that people are proud of where they live and gather and hang out."

The community will also have a central courtyard for residents to gather at, as well as onsite social services, a community kitchen and a fitness center.

Precourt Sports Ventures Chairman Anthony Precourt said Austin FC developed 4ATX Foundation to give back to the Austin community and to find partners like Foundation Communities. 4ATX Foundation presented a $500,000 check to Foundation Communities at the groundbreaking.

"It became very apparent that affordability is a really important issue for this city,” Precourt said. “While Austin FC and my family are new to Austin, we truly do want to be part of making Austin the best place it can be for those who call it home. One way to do that is make sure hard working people have a place to live and raise a family and be safe and healthy.”