Rosemont at Oak Valley opens today

Rosemont at Oak Valley, one of Austin's newest S.M.A.R.T.Housing^TM developments, celebrated its grand opening with City officials and private partners today. The property offers a unique blend of 120 apartments and 160 duplexes with affordable rents for moderate to low-to-moderate-income Austinites.

As a winner of the 2003 Special Achievement Award by the Texas Association of Local Housing Finance Agencies (TALHFA), Rosemont at Oak Valley is proving to be a model for neighborhood development and environmental sensitivity. Special attention was made to tree preservation by limiting tree removal to pavement areas and each building envelope. The abundance of oak trees also compliments the "Old West Austin" craftsman style home architecture.

In 2002, the Austin Housing Finance Corporation issued $15 million in tax-exempt bonds and four percent Low Income Housing Tax Credits were issued by the Texas Department of Housing and Community Affairs for funding of Rosemont at Oak Valley. The two, three and four-bedroom units are reserved for families earning at, or below, 60 percent of the Median Family Income, or about $42,650 for a family of four.

"Southwest Housing is very proud of the relationship it has with the City of Austin; it is a relationship built on trust and the common interest of serving people in need," said Craig Alter, Vice President of Southwest Housing.

In addition to the natural, architectural and design aesthetics, Rosemont at Oak Valley is equipped with amenities usually reserved for high-end luxury properties. Each apartment and duplex is fully handicap accessible through the City's S.M.A.R.T.Housing^TM program. The property offers residents a clubhouse; swimming pool; and a community learning center that includes an art room, computer lab and a library. Residents may also enjoy the outdoor playfield and picnic area, hiking and bike paths.

Rosemont at Oak Valley is located at 2800 Collins Creek Drive near Oltorf and Pleasant Valley Drive. For pre-leasing information or other questions about the property, call (512) 326-5155.

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, 974-3121 (voice), Brenda Ham, 974-3175 (voice)