Oct 20, 2016
Austin nonprofit wins $4M for affordable housing
AUSTIN-ROUND ROCK - Foundation Communities, a nonprofit that builds affordable housing in Austin, was the recipient of a $4 million grant from the federal government to fund more affordable housing.The...
AUSTIN-ROUND ROCK – Foundation Communities, a nonprofit that builds affordable housing in Austin, was the recipient of a $4 million grant from the federal government to fund more affordable housing.
The grant came from the U.S. Treasury Department’s Community Financial Institutions Fund, which awarded more than $90 million in grants for preservation, rehabilitation, development and affordable housing in low-income communities.
The grant will help fund some of the group’s existing projects as well as projects on the horizon in 2017 and 2018.
The group has three projects under construction: Bluebonnet Studios on South Lamar Blvd., Live Oak Trails in Oak Hill and Lakeline Station in Northwest Austin.
Construction for the Lakeline Station apartments should be completed by November and residents should be moved in by the end of the year.
Most of the units in the $20 million project will be priced in the $700 per month range and 13 units will be set aside for families that are struggling with or on the verge of homelessness.
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