Mixed-Income Housing Project Headed for High-End Austin Neighborhood

Austin Developer Manifold Real Estate is asking the City Council to approve a half-market rate, half-mixed-income apartment complex in a part of town, Barton Creek, not known for affordable housing. The Austin Business Journal reports Manifold Real Estate plans to build an apartment complex with 438 units.

Manifold plans to build the project using Austin’s Affordability Unlocked Development Bonus program. 107 units, would be priced affordably for households earning at or below 50% of median family income, or MFI; 69 units, would be priced affordably for those earning at or below 60% MFI; and 44 units, would be priced affordably for those making at or below 80% MFI.

The project would be funded by an $80 million loan through the U.S. Department of Housing and Urban Development, as well as $9 million from the city’s housing and development assistance program. In addition, the developer is seeking private loans and tax credits.

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