Austin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The Texas State Affordable Housing Corporation (TSAHC) has awarded $31.5 million in Private Activity Bonds to Foundation Communities to provide capital for the construction and development of Norman Commons Apartments in Austin. When complete, Norman Commons will create 156 units of affordable rental housing targeted for low-income households who earn no more than 60% of the Median Family Income. Sixteen of the units will be set aside for households at risk of homelessness.
Norman Commons will be located in East Austin, next to the Boggy Creek neighborhood, in an area that includes apartment communities and commercial buildings. The property is located in the Austin Independent School District next door to Norman-Sims Elementary. Foundation Communities will provide a Learning Center on-site and free services for residents and neighbors like afterschool programs, summer programs, a healthy food pantry, and educational, financial, and health classes. Other nearby amenities include public art, playgrounds, fitness stations, a walking trail, and a ball court.
"Providing financing for Norman Commons directly aligns with TSAHC’s mission and builds upon our partnerships with high caliber nonprofits like Foundation Communities. We're excited to support this development because it provides not only a quality, affordable place to live but a community enriched with services and amenities for residents and the neighborhood," said David Long, TSAHC President.
The development will sit next to Ada Anderson Place, a community of 32 for-sale homes that will be built by Austin nonprofit Guadalupe Neighborhood Development Corporation (GNDC). The homes will be included in GNDC’s expanding community land trust, thereby ensuring generational affordable homeownership opportunities for the neighborhood.
TSAHC approved $31.5 million in Private Activity Bonds to provide the primary financing toward the $62.3 million budget for the project. The remaining financing came from Wells Fargo, housing tax credit equity syndicated by Wells Fargo, Capital Magnet Funds, the Federal Home Loan Bank of Dallas, and the Austin Housing Finance Corporation which provided the land and funding through the use of Project Connect dollars and General Obligation Bond funds.
“We are excited about having this opportunity to help more lower-income families in Austin find stability and success through affordable housing and support services,” said Foundation Communities Executive Director Walter Moreau. “We greatly appreciate TSAHC and everyone else who provided funding support for Norman Commons.”
Foundation Communities is an Austin based non-profit, well known for providing high-quality rental housing for low- and moderate-income families and seniors, as well as operating several single room occupancy apartments that provide permanent supportive housing for extremely low-income individuals at risk of becoming homeless or who are formerly homeless. To date, they’ve built or renovated 25 affordable communities across Central Texas, providing homes for more than 7,000 Central Texans.
In addition to housing, Foundation Communities also provides numerous services including after-school care, adult educational programs, free tax preparation and health insurance enrollment, various healthy living initiatives and family self-sufficiency programs.
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About Texas State Affordable Housing Corporation
The Texas State Affordable Housing Corporation (TSAHC) is a self-sustaining nonprofit whose mission is to meet the housing needs of underserved Texans through innovative programs and solutions. We are driven by a shared belief that every Texan deserves the opportunity to live in safe, decent and affordable housing. For more information, please visit www.tsahc.org.
About Foundation Communities
Foundation Communities is a local, homegrown non-profit. They provide affordable, attractive homes and free on-site support services for thousands of families with kids, as well as veterans, seniors, and individuals with disabilities. They offer an innovative, proven model that empowers their residents and neighbors to achieve educational success, financial stability, and healthier lifestyles. They own and operate 28 apartment communities – 25 in Austin and three more in North Texas.
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