Texas State Affordable Housing Corporation Awards $16.5 Million in Private Activity Bonds to Finance Burleson Studios

/EIN News/ -- Austin, TX, March 13, 2025 (GLOBE NEWSWIRE) -- The Texas State Affordable Housing Corporation (TSAHC) has awarded $16.5 million in Private Activity Bonds to Foundation Communities (FC) to provide capital for the construction and development of Burleson Studios Apartments in Austin. When complete, Burleson Studios will create 104 units of affordable rental housing targeted for extremely low-income single adult households, many of which are currently experiencing homelessness. Fifty units will be reserved for adults earning up to 30% of the area median income (AMI), and 54 units will be reserved for adults earning up to 50% AMI.

Burleson Studios will be located in Southeast Austin, within a new Community First! Village under development by Mobile Loaves and Fishes. The site is surrounded by light commercial and industrial activity and is situated between McKinney Falls State Park and Austin Bergstrom International Airport, each five miles away.  

Foundation Communities will provide supportive services to residents on-site, including case management, fitness classes, healthy food pantry, etc., and residents will have access to the community-oriented amenities within the Community First Village. This new village will include health care centers, a grocery store, and a variety of other businesses.

“We commend Foundation Communities and Mobile Loaves and Fishes for their longstanding commitment to providing quality housing whether it be for our workforce or those exiting homelessness. That’s why we’re excited to partner with them to provide the necessary financing that will bring this enriched community to life,” said David Long, TSAHC President.  

TSAHC approved $16.5 million in Private Activity Bonds to provide the primary financing toward the $32.77 million budget for the project. The remaining financing includes $10.9 million in 4% housing tax credits, approximately $500,000 in state housing tax credits, $13 million in American Rescue Plan Act (ARPA) deferred forgivable loan from Travis County, $600,000 in Capital Magnet Fund deferred forgivable financing, and a $3.7 million sponsor loan. Foundation Communities also deferred approximately $2 million in developer fees. 

“It is inspiring to think what the apartments in Burleson Studios will mean for 104 of our Austin neighbors who have struggled with housing,” said Foundation Communities Executive Director Walter Moreau. “They will have access to independent living, and a place in a supportive community where they can find the resources and services they need to pursue their goals. We are grateful to TSAHC for their financial support for this community.”

Foundation Communities is an Austin based non-profit, well known for providing high-quality rental housing for low- and moderate-income families and seniors, as well as operating several single room occupancy apartments that provide permanent supportive housing for extremely low-income individuals at risk of becoming homeless or who are formerly homeless. To date, they’ve built or renovated 28 affordable communities across Central Texas, providing homes for more than 7,000 Central Texans.

In addition to housing, Foundation Communities also provides numerous services including after-school care, adult educational programs, free tax preparation and health insurance enrollment, various healthy living initiatives and family self-sufficiency programs.

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About Texas State Affordable Housing Corporation

The Texas State Affordable Housing Corporation (TSAHC) is a self-sustaining nonprofit whose mission is to facilitate, preserve, and expand affordable housing opportunities for Texans. We are driven by a shared belief that every Texan will have a place to call home. For more information, please visit www.tsahc.org. 

About Foundation Communities

Foundation Communities is a local, homegrown non-profit. They provide affordable, attractive homes and free on-site support services for thousands of families with kids, as well as veterans, seniors, and individuals with disabilities. They offer an innovative, proven model that empowers their residents and neighbors to achieve educational success, financial stability, and healthier lifestyles. They own and operate 31 apartment communities – 28 in Austin and three more in North Texas. 

Attachment

• Rendering of Burleson Studios Apartments

Michael Wilt
                    Texas State Affordable Housing Corporation
                    5123342157
                    mwilt@tsahc.org