AUSTIN (KXAN) — Construction began Tuesday on a 318-unit, affordable housing community in south Austin, according to a news release.
The NRP Group said it created the 4% tax credit and bond development in partnership with the Housing Authority of the City of Austin.
The Bridge at Estancia community, located in the Estancia Hill Country development, is meant to address the growing demand for affordable housing in Travis County, according to developers.
Builders said the community is 11 miles south of downtown Austin at the intersection of Interstate 35 south and State Highway 45.
According to The NRP Group, apartments in the community will be reserved for renters earning up to 60 percent of Area Median Income.
“When we looked at this site in far South Austin, there was a lot of intentionality about what was needed to best serve the families in the area,” Mike Gerber, the president and CEO of the Housing Authority of the City of Austin, said. “We really understood what that community was asking for, and I think we hit a home run here.”
HousingWorks Austin, a non-profit organization that advocates for affordable housing in Austin, said the high cost of living has quickly outpaced the average household income.
“Developments like Bridge at Estancia support the number one priority of the city right now, which is to create homes where people can live and work in Austin,” Ann Kitchen, the Austin City Council member for District 5, said. “I think it takes a whole community to make sure this city is a place where people can live, and public-private partnerships like HACA and NRP are so critical to making housing available to our Austin residents.”
The first apartment units of Bridge at Estancia are expected to become available in summer 2023.