Hunt Capital Partners ponied up $16.5 million in federal low-income housing tax credit equity for the development of an Austin permanent supportive housing project, the California company announced Wednesday.
Cady Lofts, a 100-unit apartment complex planned for 1004-1008 East 39th Street in Austin's central Hancock neighborhood, will have studio apartments for renters earning 30 to 60 percent of the area median income and who are experiencing homelessness or physical/developmental disabilities.
Units will have modern appliances and eco-friendly utility systems, and residents will have access to a communal computer lab, a health and wellness center, case management offices, and central laundry facilities.
The Austin City Council approved permanent supportive housing in June, signing off on a three- and four-story building with onsite services for residents in permanent supportive housing.
The borrower is a partnership between developer SGI Ventures and the Housing Authority of the City of Austin. Three Bar Architects is designing the project, with Skybeck Construction serving as the primary contractor. The development team also includes the Austin Affordable Housing Corporation, New Hope Housing, Saigebrook Development, and OSDA Industries. Completion is slated for March 2025.
Prospective residents will be referred to Cady Lofts under the U.S. Department of Housing and Urban Development's Continuum of Care program. The initiative promotes community-wide commitments to alleviating homelessness via rehousing, access to supportive service programs, and a focus on self-sufficiency.
