December 20, 2018
Austin Community Foundation invested $250,000 in the Texas Housing Impact Fund. The money is earmarked to close a funding gap for development of Accessible Housing Austin! at Briarcliff. Situated on Austin’s east side, AHA! at Briarcliff is a 27-unit, affordable-housing project geared toward households with incomes below 50% of the median family income.
Local nonprofit housing developer AHA! also secured more than $3.7 million in additional financing from the City of Austin and the Texas Department of Housing and Community Affairs, as well as an Affordable Housing Program (AHP) grant from Frost Bank in partnership with the Federal Home Loan Bank of Dallas. The project will also be exempt from local property taxes through a ground lease and long-term partnership with the Housing Authority of the City of Austin.
The complex is situated one mile north of the Mueller development, and one mile east of Capital Plaza. Half the units will be handicapped-accessible, with the remainder adaptable.
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Tags: Affordable, Apartments & Multifamily, Development, Financing
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