AUSTIN, TEXAS — A partnership between nonprofit developer The NHP Foundation, Capital A Housing and the Austin Housing Finance Corp. has broken ground on Seabrook Square, a 204-unit affordable housing project in East Austin. Units will be reserved for households earning 60 percent or less of the area median income, and Seabrook Square will also house 3,000 square feet of commercial space. Financing for the project includes a $40 million tax-exempt bond issued by the City of Austin; $32.3 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated by Boston Financial; $13.5 million in subordinate debt financing from the Austin Housing Finance Corp.; and a $3.4 million construction loan from Citibank. Completion is slated for late 2025.
Seabrook Square, a new affordable housing project in Austin, will feature commercial space housing Raasin in the Sun (artist incubator) and Origin Studio House (a black-owned café), a large public plaza, live/work units, locally curated murals, passive/active recreation spaces and a community center for residents.
Partnership Breaks Ground on 204-Unit Affordable Housing Project in East Austin
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