$38M Affordable housing project to debut in Southeast Austin$38M Affordable housing project to debut in Southeast Austinhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=30012014-09-23T09:27:00Z2014-09-22T00:00:00Z

AUSTIN - A $38 million affordable housing apartment complex is set to break ground later in September.

The 252-unit William Cannon Apartments, which will be developed by a partnership between Pedcor Investments and the Travis County Housing Finance Corp., will be located on 28 vacant acres on William Cannon Dr.

Preleasing will start June 2014, with the first apartments ready for move-in by August.

Nearly all the units at the William Cannon Apartments will be aimed at people making no more than 60 percent of the area’s median income, which is $45,250 for a family of four, said Craig Lintner, Pedcor’s senior vice president of development.

A handful of one-bedroom apartments are targeted at those making 50 percent of the median income or less.

Rents for the 72 one-bedroom apartments will range from about $600 to $750, including sewer and water, which is under the market rate of $900.

The 132 two-bedroom apartments will go for $885, compared with the market rate of $1,100, and the 48 three-bedroom apartments will rent for $1,000, while the market rate is $1,250.

Pedcor, which will manage the apartment complex, plans to provide a bevy of on-site social services, some of which were required by the state. Services will include daily after-school homework help, summer youth programming, General Educational Development preparation classes, financial and health courses and an on-site notary public.

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/news/local/southeast-austin-to-get-38-million-affordable-apar/nhRhR/#76bc8d16.3462003.735498Read more at {Source}

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