Austin Housing Finance Corporation Board Approves $16 Million Partnership for Development in East Austin

Today the Austin Housing Finance Corporation Board of Directors approved the partnership with Campbell-Hogue & Associates to build the $16 million Villas on Sixth Street project.

Together the partnership will bring Austin's first affordable, urban infill development to the Central Business District. The mixed-use, multifamily development will be located in the heart of East Austin at 1900 East Sixth Street.

"We are particularly fortunate to secure this property for affordable housing so close to downtown Austin," said Will Wynn, President of the Austin Housing Finance Corporation. "The AHFC has entered into a new and important partnership that provides housing opportunities to people who really need them, where the City really needs them."

The development will meet all of the City’s S.M.A.R.T.Housing^TM standards. S.M.A.R.T.Housing^TM (Safe, Mixed Income, Accessible, Reasonably Priced and Transit Oriented) stimulates the creation of reasonably priced homes in Austin. It provides development fee waivers for developments that meet all S.M.A.R.T.Housing^TM standards, including at least 10 percent of the units meeting the reasonably priced standard by serving families at or below 80 percent of the Austin Area Median Family Income (about $56,900 for a family of four). In addition, the City provides faster subdivision and site plan reviews, expedited zoning, and advocacy through the course of the development process. The S.M.A.R.T.Housing^TM Development Review Team works proactively with developers to secure approvals and to resolve any conflicts with other City departments.

"We have spent several years working in conjunction with elected officials and community leaders to develop a project for which Austin can be proud. Pairing a neighborhood YMCA along with affordable housing and neighborhood shops will be a great complement to the residents of East Austin." said Terry Campbell, Principal of Campbell-Hogue & Associates, Inc. "Thank you to all of the local and state-wide leaders that helped make this project a reality. We look forward to building a project that will enhance the lives of many East Austin families."

The Villas on Sixth will include 160 apartment home units, of which 60 units will be reserved for families with incomes below 40 percent of area Median Family Income (MFI), currently $28,450 for a family of four; 76 units will be reserved for families with yearly incomes not to exceed 50 percent of the area MFI, currently $35,550 for a family of four: with the remaining 24 units to be available without income restrictions at market rents.

The 160 units will include 46 one-bedroom units at 736-750 square feet; 66 two-bedroom units at 901-917 square feet; and 48 three-bedroom units at 1,026-1,040 square feet. The proposed monthly rents range from $469 to $665 for one-bedroom units; $555 to $845 for two-bedroom units; and $641 to $950 for three-bedroom units. A minimum of 10 percent of all units will be accessible to persons with mobility disabilities and 5 percent will be accessible to persons with hearing and vision disabilities.

In addition, The Villas will offer an on-site learning center with afternoon programs as well as a new YMCA will be available for resident and neighborhood children. Villas will also include a specially designed clubhouse, recreation center, community rooms, business center, exercise studio and a superb swimming pool, playground area and laundry facilities surrounded by professional landscaping.

In September 2003, the project was awarded $11 million in low-income housing tax credits from the Texas Department of Housing and Community Affairs (TDHCA). Campbell-Hogue & Associates, Inc., a real estate development and construction company active in the development of multi-family and commercial properties, jointly submitted the application with the Austin Housing Finance Corporation.

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), 802-7108 (pager) or Paul Saldaña, Adelante Solutions, Inc., 328-1132