The development of a large affordable housing community took a step forward in Austin, Texas.
The NHP Foundation (NHPF) announced that it has closed on the construction financing for Seabrook Square. The 204-unit development marks the nonprofit’s foray into Austin and is a partnership with the Austin Housing Finance Corp. and Capital A Housing.
Seabrook Square is being financed by $40 million in tax-exempt bonds issued by the city of Austin, $32.3 million in 4% low-income housing tax credit equity by Boston Financial, $13.5 million in Austin Housing Finance Corp. subordinate debt financing, and $3.4 million Citibank construction bridge debt.
“This collaboration fulfills a key tenet of NHPF’s mission,” said Robert Jefferson, senior development director of NHPF. “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.”
Out of the 204 units, 10 will serve as live-work residence-studios for artists. All units will be restricted to 60% of the median family income or below. Out of those units, 81 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, according to the project sponsors.
There will also be approximately 3,000 square feet of commercial space that will be the home of nonprofit artist incubator Raasin in the Sun and Origin Studio House, a Black-owned café. The development will include a large public plaza, locally curated murals, passive/active recreation spaces, and a community center for residents.
“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,” said Eyad Kasemi, vice president of Capital A Housing.