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Austin Affordable Housing Developer Taps Four Funding Sources
Housing Trust Group (HTG) secured financing and commenced construction on Red Oaks, a $26 million affordable housing community with 70 units in Austin, Texas.
Apartments at Red Oaks will be reserved for income-qualifying residents who earn at or below 30, 50, and 60 percent of the area median income (AMI). Completion is scheduled for late 2025.
Located at 11723 N FM 620 Road, Red Oaks will offer units ranging from 569 to 1,143 square feet. Amenities include a swimming pool, multipurpose community room and fitness center.
Funding sources include $16 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated by Texas Department of Housing and Community Affairs and syndicated through Raymond James, a construction loan of $15.6 million provided by Bank of America, a permanent loan of $7 million from Berkadia through Freddie Mac, and a subordinate lender RHDA loan of $4 million provided by Austin Housing Finance Corporation.
- ◦Development
- ◦Financing
