This is the latest entry in our On the House spotlight series.
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 Willows Apartments, a development financed by TSAHC’s Texas Housing Impact Fund.
The Willows Apartments
Developed by the Mary Lee Foundation, The Willows Apartments is a 64-unit multifamily development located in Austin, Texas. The Mary Lee Foundation, which was founded in 1963 by Charlene Crump, provides housing and supportive services to persons with disabilities. Specializing in residential treatment and vocational services for persons with disabilities, this organization is a non-profit that strives to give adults with special needs the opportunity to live and work within their own communities.
Built in 2011, The Willows development received a 15-year, $1.2 million construction loan from TSAHC. With this funding, the Mary Lee Foundation leveraged additional financing from the Federal Home Loan Bank of Dallas and the City of Austin.
The Willows apartment community directly serves low-income individuals with developmental and intellectual disabilities in Austin. Among the units, 32 are reserved for households earning up to 50% Median Family Income (MFI), and 28 are for households earning up to 30% MFI.
CONTINUING OUR COMMITMENT TO Austin AND CENTRAL TEXAS
TSAHC's commitment to affordable housing isn't exclusive to The Willows — we have provided financing to multiple properties in Austin. Included among these are two other developments: The Chicon and AHA! at Briarcliff.
Additionally, in conjunction with Austin Community Foundation, we just launched a predevelopment fund that provides early stage financing to affordable housing projects located in Travis, Williamson, Bastrop, Hays, and Caldwell counties. Offered as part of our Texas Housing Impact Fund, predevelopment loans range from $25,000 to $100,000 based on the needs of the organization applying. Read more about this fund here.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.