New housing options for Seniors

AUSTIN, TX: Austin, Texas: Volunteers of America Texas and City officials gathered for a ceremony today to celebrate the grand opening of Oak Spring Villas. The new housing development offers S.M.A.R.T.Housing^TM certified apartments for low-income seniors age 62 and older.

Oak Springs Villas includes 55 rental units for elderly persons, age 62 and older with yearly incomes of no more than 50 percent of the Austin area Median Family Income. The Median Family Income at 50 percent is $24,900 for a one-member family, and $28,450 for a two-member family. Monthly rents are approximately $280 and are comprised of no more than 30 percent of the tenants' monthly income and a rent subsidy.

Oak Springs Villas is fully accessible to persons with disabilities and includes a community room and covered and open-space common areas for recreation and educational activities. On-site support services will be provided including social events, meals-on-wheels, healthcare classes, and access to transportation for medical needs. Volunteers of America Texas, a non-profit organization and subsidiary of Volunteers of America, will oversee the management of Oak Springs Villas.

"Almost every family has someone who needs affordable housing, or has a family member who needs affordable housing with supportive services," said Dave North, President and CEO of Volunteers of America Texas. "We hope the public continues to support these worthy housing and supportive service programs as they really are making a positive difference in the lives of Texans in need," he said.

S.M.A.R.T.Housing^TM is an acronym for Safe, Mixed-Income, Accessible, ReasonablyPriced and Transit Oriented Housing and is a service designed to stimulate the creation of reasonably priced housing in Austin.

Funding for Oak Springs Villas was made possible in part by the Austin Housing Finance Corporation?s (AHFC) Rental Housing Development Assistance Program (RHDA). RHDA uses federal funds and City Housing Trust Fund dollars to provide gap-financing for housing developments.

Oak Springs Villas received $466,715 in Housing Trust Fund dollars for the development and construction of the project. Additional funding included a Section 202 U.S. Department of Housing and Urban Development (HUD) grant for $3.2 million and a $500,000 loan from the Federal Home Loan Bank. The 3.33 acres of land for Oak Springs Villas is owned by the AHFC and is leased to Oak Spring Villas Inc. through a long-term lease agreement

Oak Springs Villas is located at 3001 Oak Springs Drive and is currently accepting applications for new residents. For information on Oak Springs Villas, please call toll free at 866-862-2472 ext. 7349.

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: Brenda de la Garza, (512) 974-3175 (voice)