AUSTIN (KXAN) — The City of Austin’s Housing Department has officially closed on $74.5 million to help finance affordable, multi-family housing in East Austin.

Construction on Phase 1 of the development, referred to as Seabrook Square 1, is meant to start in October. The Housing Department says the 204-unit, multi-family apartment building will be built at 3511 and 3515 Manor Road, now addressed as 2210 Pershing Drive.

Construction of Phase 2, which consists of  60 units of permanent supporting housing, is meant to start next year, with the entire project hoping to be completed in 2026.

The development is financed mainly through a $40 million bond from the City of Austin.

It’s named after Dr. John Jarvis Seabrook, a Black educator and pastor, who was the president of Huston-Tillotson University from 1955 to 1965.