204 New Rental Apartment Homes Available to Households earning at or Below 60% AMI Partnership with Austin Housing Finance Corporation (AHFC) and local developer Capital A Housing is NHPF's first development in Austin, TX.
NEW YORK, Sept. 13, 2023 /PRNewswire-PRWeb/ -- NHPF, a national not-for-profit provider of quality affordable housing, announced today that it has closed on the construction financing of Seabrook Square in Austin, TX.
This new construction marks NHPF's first foray into Austin and is a partnership with Austin Housing Finance Corporation and Capital A Housing. Seabrook Square is financed with $43.4M in Citibank Construction Debt, including a $40M tax-exempt Bond issued by AHFC, $32.3M in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in AHFC subordinate debt financing.
Rendering: Urban Foundry Architecture
"This collaboration fulfills a key tenet of NHPF's mission," said Robert Jefferson, Senior Development Director, The NHP Foundation. "Partnering with local organizations to complement strengths in the service of bringing much-needed affordable housing to Austin residents is a crucial step in the effort to fill the region's housing needs."
On-site parking will be available along with approximately 3,000 square feet of commercial space that will be the home of Raasin in the Sun (artist incubator), and Origin Studio House (a black-owned café). The development will include a large public plaza, wrapped by 10 live/work units, locally curated murals, passive/active recreation spaces, and community center for residents.
Construction begins September 2023.
"Seabrook Square is a unique opportunity where we can ensure economic diversity of residents in a creative development," explains Rosie Truelove, Director of the City of Austin Housing Department. "We are excited to collaborate to add over 200 new construction apartments for more affordable housing in Austin."
Capital A Housing's Vice President, Eyad Kasemi said, "We're excited to partner on this project not only because it will offer housing to those who need it, but also because it seamlessly integrates with the J.J. Seabrook Neighborhood's existing cultural history, establishing a permanent place for the Black community in East Austin to foster an inclusive community, engage with their history, and support one another."
The project in the J.J. Seabrook Neighborhood focuses on providing maximum affordability for both residents and small, local businesses to foster an inclusive community and to support the health and well-being of the J.J. Seabrook community through green space, ecosystem services, active transportation linkages and public art. Out of the 204 units, 10 units will serve as live-work residence-studios for Austin artists. All units will be restricted to 60% MFI or below. Out of those units, 81 income-restricted units are multi-bedroom for families. The provision of units at varying income levels will provide housing that maintains the social and economic diversity of its residents.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 61 properties, including over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
About the City of Austin Housing Department
The City of Austin Housing Department provides equitable and comprehensive housing, community development, and displacement prevention to enhance the quality of life of all Austinites. To access affordable housing and community resources, visit http://www.austintexas.gov/housing.
About the Austin Housing Finance Corporation:
The Austin Housing Finance Corporation (AHFC) was created as a public, non-profit corporation and instrumentality of the City of Austin. The mission of the AHFC is to generate and implement strategic housing solutions for the benefit of low- and moderate-income residents of the City of Austin.
About Capital A Housing
Capital A Housing is an Austin-based and focused development company of affordable and mixed-income projects. It specializes in projects that range from a quarter acre to 50 acres and are responsive to neighborhood, city and elected official concerns, delivering outstanding amenities, affordability and services. Through its methodology, Capital A Housing accomplishes rezonings or other permissions that would typically be infeasible for more standard developments. For more information, please visit capitalahousing.com.
Media Contact
marijane funess, nhpf, 19148303754, [email protected], www.nhpfoundation.org
SOURCE nhpf
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