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.
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