S.M.A.R.T. Housing Development Approved in Record Time

Austin,Texas: Today, the City of Austin, the Austin Housing Finance Corporation (AHFC) and its partners celebrated the grand opening of an apartment complex that will provide more affordable housing options for Austinites. The Riverside Meadows Apartment is fully equipped with luxury amenities and offers 240 reasonably priced units in east Austin.

Riverside Meadows serves as a unique development model after the subdivision, site plan, and building permits were received in a record 29 days. Generally, a development can expect to take at least 90 days to receive building permits. The expedited building permits were made possible through special S.M.A.R.T. Housing review and advocacy through the development process. Additionally, collaborative efforts by Realtex Development Corporation, the developer, and City departments including the Watershed Protection Development Review and Water Wastewater departments, helped minimize its time in the development review process.

"Providing rental housing in the most effective and efficient manner is a top priority for the City of Austin. Our S.M.A.R.T Housing policy, is making it easier for developers to assist the City with creating reasonably priced housing for Austin residents," said Paul Hilgers, Community Development Officer.

Riverside Meadows was financed using $11.7 million in Private Activity Volume Cap and Taxable Revenue Bonds. The bond issue provided interim construction and permanent financing for the development of Riverside Meadows Apartments. The bonds are repayable only from rents generated by the apartment complex.

Under the development supervision of Realtex Development Corporation, Riverside Meadows Apartments will serve residents with incomes at, or below, 60 percent of the Median Family Income (MFI), or about $42,650 for a family of four. The one, two and three bedroom units will have rents ranging from $502 to $690.

"Riverside Meadows is an example of a great group effort, from the City Council to City staff and the Montopolis neighborhood. The City pulled together to help make affordable housing a reality for Austin residents," said Rick Deyoe, President of Realtex Development Corporation.

As a family oriented apartment complex, Riverside Meadows will offer educational amenities including a business center with high-speed Internet access and a meeting room that may host neighborhood meetings and educational seminars for residents.

Riverside Meadows is located on the Northeast corner of East Riverside Drive and Montopolis Drive. For additional information, contact the Riverside Meadows leasing office at (512) 385-9400.

The Neighborhood Housing and Community Development Office's mission is to provide housing, community development, and small business development services to benefit residents so they can have access to livable neighborhoods and increase their opportunities for self-sufficiency.

The Austin Housing Finance Corporation was created in 1979 and assists Austin citizens with first-time homebuyer and home repair programs. The AHFC's primary mission is to generate and implement strategic housing finance solutions to benefit low-and moderate-income residents of the City of Austin.

The City of Austin is committed to compliance with the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act of 1973, as amended. Reasonable modifications and equal access to communications will be provided upon request. Please call 974-3100 (voice) or 974-3102 (TDD) for assistance. This project is made possible by funding from HUD through the City of Austin.

CONTACT: Julie Beggs, (512) 974-3121 (voice) or (512) 802-7108 (pager)