Advertise, Promote, Attend, Create – Work with Connect.
A full service marketing and PR agency.
Meet the team behind the machine and taste a little of the secret sauce.

Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

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.

Connect

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.

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
LeeAssociates-24-cube
NewPoint-10-cube
Colliers-62-cube