Loretta affordable apartments open in Lakeline area

Austin's newest affordable housing development is complete and ready for renters. The Loretta at 13653 Rutledge Spur in Northwest Austin will offer 137 units at or below 60 percent of the median family income.the city of Austin Housing Department announced Wednesday.

Located near the Lakeline Station of CapMetro’s Red Line, the multifamily development will offer 42 one-bedroom, 64 two-bedroom, and 31 three-bedroom apartments. Half of the units (69) will serve households who make 50 percent or less of the area MFI, and 40 percent of the units (54) will serve households at or below 60 percent MFI.

The remaining 10 percent of the units (14) will serve households at or below 30 percent of MFI and are set aside for at-risk or homeless families as part of Foundation Communities’ Children’s HOME Initiative – a 24-month case management program that connects families with housing and support services.  

Local housing nonprofit Foundation Communities developed the Loretta with support from the Austin Housing Finance Corporation.

“AHFC is proud to partner with Foundation Communities to serve families in Austin,” said the city housing department's James May. “As phase 2 of an established multi-family property located close to the Lakeline Transit Station, this development will provide 137 families greater access to transit, food, jobs, and entertainment. Children and families here are set up to succeed.” 

The Loretta will operate in conjunction with neighboring Lakeline Station Apartments at 13635 Rutledge Spur. Children living at The Loretta will have access to an onsite playground and ball court and free after-school and summer learning programs at Lakeline Station’s Learning Center. The center also offers fitness activities, a Healthy Food Pantry, and nutrition education to help fight childhood obesity. 

Construction of The Loretta took 2.5 years to complete and cost $34.5 million dollars. Funding sources included $3.98 million in AHFC debt financing through the Rental Housing Development Assistance program, $4 million from the city of Austin’s General Obligation housing bonds, and $15 million in tax credits approved by the Texas Department of Housing and Community Affairs, for which Wells Fargo was the investor. Wells Fargo also provided construction and permanent loans. The Loretta also received funding from the Low-Income Housing Tax Credits, Federal Home Loan Bank of Dallas, St. David’s Foundation, and the Capital Magnet Fund.