Affordable Housing Development Gets Funding

Located at 11th Street & Trinity, Foundation Communities’ next development will be downtown Austin’s first affordable housing effort since the Lakeside tower was built 40 years ago.

The Statesman is reporting that Foundation Communities will receive $1,100,000 in Federal tax credits over the next 10 years for the project names, Capital Studios. They have also applied for City funding.

Details of the project include:
– 135 efficiency apartments
– rents will range from $400 to $650 a month
– target renter will earn less than $27,000 (roughly half of Austin’s median income)
– 10 units reserved for artists and musicians
– cost of construction estimated at $13 million
– Dick Clark Architecture was recruited for the design

The project required the express support of Downtown Austin Neighborhood Association.

There’s discussion of including Car2Go and Austin Bike Share into the streetscape design. If the ideas for programming the ground floor can be realized, this development is a harbinger of successfully integrating dense affordable housing options into downtown Austin.