March 10, 2025 | by Katie Claflin
Categories: Affordable Housing, Homelessness, Rental Housing
TSAHC periodically spotlights affordable housing developments across the state to help readers understand what they look like, how they are financed, and who lives there.
This week, we are focusing our spotlight on the Cady Lofts Apartments, a supportive rental property financed in part by TSAHC’s Texas Housing Impact Fund.
About Cady Lofts Apartments
Cady Lofts is a 100-unit multifamily rental community serving very low-income tenants at risk of homelessness. It is located in the Hancock neighborhood, in close proximity to the University of Texas at Austin, St. David's Medical Center, Mueller, and the Hancock Center, with great walkability and access to high frequency transit options.
Tenants will receive case management wraparound supportive services provided by Family Endeavors.
Cady Lofts is co-owned by SGI Ventures and the Austin Affordable Housing Corporation, a nonprofit subsidiary of the Housing Authority of the City of Austin. The primary financing is provided by the Low Income Housing Tax Credit program, with additional funding provided by TSAHC, the state housing tax credit program, a construction loan provided by the Austin Community Foundation, and permanent financing provided by Cadence Bank.
Cady Lofts is scheduled to open in Spring 2025.
About SGI Ventures
SGI Ventures has been in the affordable housing industry since 1996. Sally Gaskin, SGI Ventures President, is a founding board member and Past Board President of the Texas Affiliation of Affordable Housing Providers (TAAHP). In total, SGI Ventures has developed more than 960 units of affordable housing in Texas.
TSAHC Financing of Cady Lofts
TSAHC provided SGI Ventures with $300,000 in loan financing and a $75,000 grant to support construction costs. TSAHC's grant to Cady Loft was made possible by a generous donation from Wells Fargo.
Pictured: TSAHC, SGI and Wells Fargo touring Cady Lofts
Texas Supportive Housing Institute Participation
SGI Ventures and its consultant New Hope Housing also participated in the 2022 Texas Supportive Housing Institute, hosted by TSAHC and the Corporation for Supportive Housing (CSH). Participants received four months of intensive instruction on how to create successful permanent supportive housing communities, move people out of homelessness and help formerly homeless tenants remain stably housed. Click on the video learn more about their participation and the benefits to the Cady Lofts development.
TSAHC and CSH recently concluded the 2024 Texas Supportive Housing Institute, training six additional development teams working on permanent supportive housing communities across Texas. Stay tuned for our next blog post, where we describe the participating teams and their experiences participating in the Institute.
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