September 7, 2023
Categories: Press Releases
TSAHC has recently awarded $23.5 million in Private Activity Bonds to Foundation Communities to provide capital for the construction and development of Juniper Creek Apartments. When complete, Juniper Creek will create 110-units of affordable rental housing targeted for low-income households. Approximately 25% of the total units will serve those facing homelessness and households earning up to 30% of the area's median income.
"Foundation Communities is exactly the type of high-caliber partner we strive to work with because of their proven track record of delivering safe, quality, affordable homes to Central Texas residents with modest incomes. They have a history of doing this for more than three decades, and we look forward to helping them build upon their success with the Juniper Creek development,” said David Long, TSAHC President.
Juniper Creek is located on Lamar Blvd. in North Central Austin, in an area that includes a mix of apartment communities, commercial buildings and retail establishments as well as access to public transit. The property is located in the Pflugerville Independent School District, within two miles of public elementary and middle schools.
The total development budget for Juniper Creek is $45.7 million. TSAHC approved $23.5 million in Private Activity Bonds to provide the
majority of financing for the project. Juniper Creek was also awarded $15.4 million in housing tax credit equity from the Texas Department of Housing and Community Affairs and a $750,000 Affordable Housing Program grant from the Federal Home Loan Bank of Dallas. The remaining financing is from Wells Fargo, Travis County, and Austin Finance Corportation.
"We are incredibly grateful to TSAHC for their financial support to make our dream of building Juniper Creek Apartments,” said Foundation Communities executive director Walter Moreau. “The location is perfect because it is adjacent to our huge new child care and Learning Center. We can hardly wait for construction to finish and to welcome home 110 new families to this community.”
Foundation Communities is an Austin based non-profit, well known for providing high quality affordble rental housing. They have 19 affordable apartment communities for low- and moderate-income families, as well as eight single room occupancy apartment communities for extremely low-income adults who are experiencing homelessness or at risk of becoming homeless. Foundation Communities has provided homes for more than 8,000 residents. In addition to housing, they also provide numerous free services including after school care, adult education programs, tax preperation, health coverage enrollment, healthy food pantries and other health initiatives.
