A new 100-unit permanent supportive housing (PSH) community is helping provide stability to individuals who have experienced chronic homelessness or have a disability in Austin, Texas.
Cady Lofts is developed by SGI Ventures and Austin Affordable Housing Corp., a nonprofit subsidiary of the Housing Authority of the City of Austin (HACA).
The studio homes are supported by project-based vouchers, which will assist in covering residents’ rents and utilities, helping to alleviate financial burdens and promote long-term stability for residents.
In addition, Cady Lofts offers a range of wraparound services guided by Housing First best practices, which promote self-sufficiency and overall independence. Provided free of charge to residents by Endeavors, these services include access to benefits assistance, health screenings, and job training.
“As a longtime affordable housing developer, I recognized the critical need for Cady Lofts to be permanent supportive housing—addressing not just affordability but specifically serving our chronically homeless neighbors,” said SGI Ventures president Sally Gaskin. “Cady Lofts will advance our citywide PSH goals while offering residents stable housing in a walkable, transit-rich location where they can fully participate in central Austin’s resources and amenities.”
Cady Lofts is a part of a citywide initiative to tackle the urgent housing needs of chronically homeless individuals, serving as one of nine PSH projects launched in the past year to provide effective housing solutions for Austin’s most vulnerable residents, according to officials.
“Collaborative projects like Cady Lofts, coupled with our commitments of housing vouchers and our partnerships with city leaders, and services agencies and philanthropic partners, are essential to securing stable housing and offering social and medical services to our most vulnerable populations,” said Michael Gerber, HACA president and CEO.
Cady Lofts was financed, in part, with $16.5 million in federal low-income housing tax credit (LIHTC) equity and $2 million in state LIHTC equity syndicated by Hunt Capital Partners (HCP).
“Cady Lofts provides a much-needed lifeline for Austin’s unhoused community, offering crucial support through its PSH model,” said HCP chief operating officer Amy Dickerson. “By providing not only stable, affordable housing but also comprehensive support services, Cady Lofts addresses the multifaceted challenges of its residents, which include mental health issues and unemployment. This holistic approach fosters a sense of belonging and stability, which are essential to reestablish roots with the community.”
Other funders included Cadence Bank, the city of Austin, Central Texas Housing Accelerator Fund, Texas Department of Housing and Community Affairs, Austin Affordable Housing Corp., and Texas State Affordable Housing Corp.
