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LDG Secures Financing for Austin Affordable Housing Project
LDG Development can use up to $50 million in tax-exempt bonds to build 328 units reserved for renters with incomes at or below 60% of the median family income for Travis County. The Austin Business. Journal reports the county okayed the bonds for the project, Kingswood Apartments, to be built near the Circuit of America’s and Tesla plant.
The project is a partnership between LDG, Austin’s Housing Authority and Austin Affordable PFC, an affiliate of the Housing Authority of the City of Austin that is set to issue the bond financing for the project in December. It is estimated to cost $71 million.
The non-competitive 4% housing tax credit program is coupled with the multifamily bond program when the bonds finance at least 50% of the cost of the land and buildings in the development.
Rental rates will range from $1,314 to $2,032, depending on the unit type.
- ◦Development
- ◦Financing
- ◦Policy/Gov't
