New 'affordable' apartments planned

The property was previously owned by the Harmon family. FC will demolish the existing homestead and sheds on the property and remove only three of the 500 oak trees on the land to preserve the park-like setting, Moreau said.

The finished project will feature a learning center open to residents and members of the community. The apartments will also be designed to achieve a Leadership in Energy and Environmental Design Gold or Platinum designation and have lower utility bills for residents.

Construction will cost about $23 million and will be funded with $2.25 million from the city of Austin, equity from the sale of Low Income Housing Tax Credits, a permanent loan and private fundraising, he said.

In November, Austin voters will decide on a $65 million affordable housing bond.

"The affordable housing that was built with the 2006 bonds doesn't look anything like housing projects from the 1970s," Moreau said. "We've received funding for the last five communities we've built, and they've been very successful. They're attractive, they all have waiting lists and they don't decrease surrounding property values."

More information about the project is available at www.foundcom.org.