Austin, TX, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The Texas State Affordable Housing Corporation (TSAHC) has awarded $23.5 million in Private Activity Bonds to Foundation Communities to provide capital for the construction and development of Juniper Creek apartments. When complete, Juniper Creek will create 110 units of affordable rental housing targeted for low-income households. Approximately 25% of the total units will serve those facing homelessness and households earning up to 30% of the area’s median family income.
Juniper Creek is located on Lamar Blvd. in north central Austin, in an area that includes a mix of apartment communities, commercial buildings and retail establishments as well as access to public transit. The property is located in the Pflugerville Independent School District, within two miles of public elementary and middle schools.
"Foundation Communities is exactly the type of high-caliber partner we strive to work with because of their proven track record of delivering safe, quality, affordable homes to Central Texas residents with modest incomes. They have a history of doing this for more than three decades, and we look forward to helping them build upon their success with the Juniper Creek development,” said David Long, TSAHC president.
The total development budget for Juniper Creek is $45.7 million. TSAHC approved $23.5 million in Private Activity Bonds to provide the majority of financing for the project, with the remaining financing coming from Wells Fargo, Travis County, and Austin Finance Corporation. Juniper Creek was also awarded $15.4 million in housing tax credit equity from the Texas Department of Housing and Community Affairs and a $750,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas.
“We are incredibly grateful to TSAHC for their financial support to make our dream of building Juniper Creek Apartments,” said Foundation Communities executive director Walter Moreau. “The location is perfect because it is adjacent to our huge new child care and Learning Center. We can hardly wait for construction to finish and to welcome home 110 new families to this community.”
Foundation Communities is an Austin based non-profit, well known for providing 19 attractive and affordable apartment communities for low- and moderate-income families and seniors, as well as eight single room occupancy apartment communities for extremely low-income adults who are experiencing homelessness or are at risk of becoming homeless. To date, they’ve built or renovated more than 3,600 apartments in Austin and North Texas, providing homes for more than 8,000 residents. Several more apartment communities are currently under construction or in the planning stages.
In addition to housing, Foundation Communities also provides numerous free services including after school care, adult educational programs, tax preparation, health coverage enrollment, financial wellness programs as well as healthy food pantries and other health initiatives.
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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. TSAHC is 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 that provides affordable, attractive homes and free on-site support services for thousands of families with kids, as well as veterans, seniors, and individuals with disabilities. Foundation Communities offers an innovative, proven model that empowers their residents and neighbors to achieve educational success, financial stability, and healthier lifestyles. For more information, please visit www.foundcom.org.
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