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Texas  + Austin  + Apartments  | 
Austin OK's Money for Hotel to Affordable Housing Conversion

City of Austin Helps Fund Hotel-to-Affordable Apartment Conversion

A former hotel will be renovated into an affordable housing project after the City Council approved funding for the project.

Austin-based Foundation Communities, proposed to renovate the former TownePlace Suites by Marriott into a housing project known as the Balcones Terrace. 

The city provided $2.4 million towards the project. In August, the Austin Housing Finance Corporation (AHFC) approved a $16.1 million loan to Foundation Communities for the acquisition of the hotel.

AHFC will become property owners and ground lease to Foundation Communities who will redevelop the hotel into a $26.5 million project that will feature 123 efficiency units.

Redevelopment costs of the hotel are expected to be near $7.9 million.

The project is slated to have 31 units at or below 30% median family income (MFI), 31 units at or below 40% MFI and 61 units at or below 50% MFI.


Inside The Story

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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