AUSTIN (KXAN) — The owners of the proposed 4700 East Riverside project have entered into an agreement with the Ending Community Homelessness Coalition to provide housing for 100 people currently experiencing homelessness for up to 5 years.
The owners, Presidium and Nimes Real Estate, will also donate $1.75 million during that time period to fund in-home health care and social worker support for the new residents.
Residents will be housed within the owners’ five apartment complexes along and near the East Riverside Corridor, according to the agreement.
According to a Wednesday release, the agreement represents the largest commitment ever made by private companies to house the homeless in Austin.
Both ECHO and the owners will begin transitioning individuals currently experiencing homelessness upon approvals from the Austin City Council for the proposed mixed-use project called 4700 East Riverside, where the five complexes now stand.
“This agreement ensures that 4700 East Riverside will make a significant contribution to the City’s Affordable Housing needs both immediately and long-term,” 4700 East Riverside Attorney Michael Whellan said. “Couple that with the way it improves mobility, connectivity and the environment – and you truly have one of the most beneficial proposals I think the community has ever had the opportunity to consider.”
Back in April, rezoning applications for the properties stoked some concerns from residents about affordable housing disappearing from the area.
The agreement’s contribution to house the homeless is in addition to a previous commitment by Presidium and Nimes to build 400 to 565 income-restricted affordable housing units.
“These owners recognize that they are a part of this community, and it’s why they have gone to such great lengths to listen to what the community wants and needs. They’ve truly listened – and responded with this historic proposal,” Whellan said.