Austin: Foundation Communities Awarded $17 Million in Housing Tax Credits

Jul 31, 2019

From KXAN News 36

TAAHP member Foundation Communities announced it has been awarded $17 million in housing tax credits to building an affordable housing apartment complex in North Austin near the intersection of North Lamar Blvd. and West Braker Lane. The complex will include 88 units on five acres.

“We have 18 of the apartments here that are dedicated to families with kids that have been homeless,” said Foundation Communities’ executive director Walter Moreau. “It’s an intensive program to help folks get back on their feet, improve their income.”

One of the primary amenities being offered at Foundation Village is an on-site community center and childcare — an essential benefit needed by many of the residents that will move into the new units.

“That is the single biggest amenity that we could dream of to put with the apartments,” Moreau said. The community center will also offer health and wellness classes and continuing education courses.

The $17 million in housing tax credits, once sold to investors, will provide most of the $20 million needed to complete the development. Foundation Village will break ground in 2020 with residents expected to move in starting in 2021.

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