The Austin Housing Department Tuesday announced the opening of a Southeast Austin apartment complex that will offer 179 income-restricted, one- and two-bedroom units to qualified residents.
Ekos City Heights at 4400 Nuckols Crossing Road in Southeast Austin's Franklin Park neighborhood will have 110 units set aside for households at or below 50 percent of the median family income level, 59 units for households at or below 80 percent of the MFI, and the remaining 10 units for households at or below 30 percent of the MFI. Eighteen of the units will be accessible to persons with mobility impairments, and four will be accessible to those with hearing or visual impairments. Ten of the units will be permanent supportive housing, which provides housing assistance and supportive services to assist tenants in achieving stability.
The new residences are the result of a collaboration between McDowell Housing Partners, the Austin Housing Finance Corporation. Asset Living will serve as the property manager.
“We are excited to celebrate the opening of yet another property that is not only an affordable housing residence but one which will also serve those 55 and older, individuals with impairments and those exiting homelessness,” the Housing Department’s Mandy DeMayo said.
“This community-focused initiative not only offers accessible, comfortable housing but also fosters an engaging atmosphere where seniors can actively participate in social and recreational activities,” McDowell Housing Partners 'Chris Shear said. “By prioritizing both the physical and social needs of its residents, Ekos City Heights helps ensure that older adults remain vibrant, connected, and valued members of their community.”
Total development cost for the new 213,358-square-foot property was approximately $42 million. Funding came from a number of sources, including the Austin Housing Finance Corporation, from which it received a $3 million loan through the Rental Housing Development Assistance program — $2.67 million from 2018 General Obligation Bonds and $333,333 from the Housing Trust Fund.
The project also received $21 million in Permanent Loan and $17.5 million in Low-Income Housing Tax Credits equity. LIHTC is a federal program enabled by the Internal Revenue System and allocated to each state. The program allows housing developers to sell federal tax credits to eligible investors, who provide equity for building low-income rental housing developments. The Texas Department of Housing and Community Affairs administers the state’s housing tax credit program.
