Seabrook Square Marks NHPF's First project in Austin
NEW YORK, Jan. 26, 2024 /PRNewswire-PRWeb/ -- NHPF, a national not-for-profit provider of quality affordable housing, broke ground this week on Seabrook Square, 204 new rental apartment homes available to households earning at or below 60% of the Area Median Income (AMI) in East Austin, TX. This significant event marks a crucial step towards addressing the region's housing needs and fostering economic diversity within the community.
In collaboration with AHFC and local developer Capital A Housing, NHPF closed on $74.5 million in construction financing for Seabrook Square. This project signifies NHPF's inaugural venture into Austin, showcasing a commitment to partnering with local organizations to deliver much-needed affordable housing.
The event featured remarks from local elected officials and others including Councilmember Natasha Harper-Madison's Chief of Staff Sharon Mays. Noting the significance of the development being built in a neighborhood steeped in cultural history, Mays said, "Seabrook Square will offer inclusive opportunities for not only affordable housing but also expansion for small business and allowing a home for creative and artistic endeavors to flourish."
Of the 204 new rental apartment homes, ten live-work units will be made available to income-qualified Austin artists, chosen by SixSquare, the East Austin cultural district partner of Seabrook Square.
Seabrook Square is financed through a diverse funding structure, including a $40 million tax-exempt bond issued by the City of Austin, $3.4 million Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5 million in Austin Housing Finance Corporation subordinate debt financing.
"Partnering with local organizations to complement strengths in the service of bringing much-needed affordable housing to Austin residents is a crucial step in the effort to fill the region's housing needs," Robert Jefferson, Senior Development Director at NHPF, adding that Seabrook is an ideal example of what happens when local market expertise and affordable housing experience combine.
On-site amenities comprise parking spaces, approximately 3,000 square feet of commercial space housing Raasin in the Sun (artist incubator) and Origin Studio House (a black-owned café), a large public plaza, live/work units, locally curated murals, passive/active recreation spaces, and a community center for residents.
"In a market like Austin where everyone is desperate for housing, it is relatively easy to just throw up a generic apartment building, call it Low Income Housing and you'll be fine," Conor Kenny, Principal, Capital A Housing, "Seabrook Square will be so much more - everything from the landscaping to the cafe to the live-work spaces are going to be a symbol of what everyone on this team is committed to doing for our community."
The development in the East MLK neighborhood aims to provide maximum affordability for both residents and local businesses, fostering an inclusive community that supports the health and well-being of the J.J. Seabrook community.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 61 properties, including over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
About Capital A Housing
Capital A Housing is an Austin-based and focused development company of affordable and mixed-income projects. It specializes in projects that range from a quarter acre to 50 acres and are responsive to neighborhood, city and elected official concerns, delivering outstanding amenities, affordability and services. Through its methodology, Capital A Housing accomplishes rezonings or other permissions that would typically be infeasible for more standard developments. For more information, please visit capitalahousing.com.
About the City of Austin Housing Department
The City of Austin Housing Department provides equitable and comprehensive housing, community development, and displacement prevention to enhance the quality of life of all Austinites. To access affordable housing and community resources, visit http://www.austintexas.gov/housing.
About the Austin Housing Finance Corporation
The Austin Housing Finance Corporation (AHFC) was created as a public, non-profit corporation and instrumentality of the City of Austin. The mission of the AHFC is to generate and implement strategic housing solutions for the benefit of low- and moderate-income residents of the City of Austin. About Capital A Housing Capital A Housing is an Austin-based and focused development company of affordable and mixed-income projects. It specializes in projects that range from a quarter acre to 50 acres and are responsive to neighborhood, city and elected official concerns, delivering outstanding amenities,
Media Contact
marijane funess, nhpf, 19148303754, [email protected], www.nhpfoundation.org
SOURCE NHPF
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