Brand New 123-Unit Low-Income Housing Complex to Mend Austin’s Affordability and Homelessness Crisis
The housing affordability crisis and homelessness are two major issues plaguing Austin, akin to other metropolitan areas around the United States. Wednesday marked the ribbon-cutting ceremony for the soon-to-be-open Balcones Terrace, an apartment complex aiming to improve these conditions in the city.
The complex, which is expected to open next month, comprises 123 apartment units restructured from an extended-stay hotel in Northwest Austin. It is designed to serve low-income residents, individuals transitioning out of homelessness and others in dire need of affordable housing.
Community Partners Championing Affordability
The announcement of the opening was made during a joint ceremony held by Austin Mayor Kirk Watson, the Austin-based Foundation Communities, a non-profit affordable housing developer, the Austin Housing Finance Corp., and the U.S. Department of Housing and Urban Development.
This is the 27th affordable housing community built by the Foundation Communities in Austin, and it is anticipated to commence operations in September, subject to a certificate of occupancy from the city of Austin.
A Comprehensive Solution for the Unhoused and Underprivileged
Formulating a strategy to combat affordability and homelessness, the newly designed community located near Loop 360 and MoPac Boulevard in the Arboretum area, is intended for low-income adults and people who have previously experienced homelessness.
“We are excited to be opening Balcones Terrace,” stated Walter Moreau, the executive director of Foundation Communities. “It will provide a home for 123 of our neighbors who have struggled to find housing they could afford in Austin, as well as a supportive community.”
A home offering more than just shelter
Balcones Terrace will not only grant living spaces to transitioning homeless, low and fixed income individuals such as veterans and older adults, but also extend on-site services and amenities. Residents will have access to case management, a food pantry, community room, courtyard, community kitchen, exercise room, computer lab and a TV room.
“This is not just a roof over a head, it is a new chance. It is hope. It is stability. It’s love that otherwise would be lost,” Mayor Watson eloquently put it.
Affordable rents tailored to income levels
The established structure is designed such that ninety percent of the units will be available for households with net incomes at or below 30% of Travis County’s median family income, the remaining 10% for those at or below 50% of the median family income. This ensures affordability with rents predicated on individual income levels.
The project was made possible with a combination of funding sources, including a notable $10 million grant from the city of Austin and $8 million in Community Development Block Grant funding from the U.S. Department of Housing and Urban Development.
This notable event also coincided with the 50th anniversary of the Community Development Block Grant program, which since 1975, has allocated over $353 million to Austin for low-income housing and other economic opportunities, only further advocating the commitment to community support.