Project Summary: —EAST AUSTIN

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Presentation transcript:

Market Rate Multifamily Developing for Mixed Incomes & Mixed Populations

Project Summary: —EAST AUSTIN Market Rate Multifamily Developing for Mixed Incomes & Mixed Populations Project Summary: —EAST AUSTIN -235 unit new construction family project urban austin -TOD site on 1.20 acres -58 units affordable at 50% & 60% AMI (25% affordable) -75% market rate -Scaled down unit sizes to average size of 509 sqft. units -sq.ft 400 to 1,000 sq.ft units (efficiency, studio, 1 & 2’s)

Market Rate Multifamily Developing for Mixed Incomes & Mixed Populations Financing Summary: Total Development Cost: $39,000,000 HUD Construction/Perm Loan: $29,500,000 (3.8% 40yr Am) Preferred Equity: $4,830,000 (65/35 Split, 10% pref) COA Grant Funds: $2,500,00 (forgivable loan) Sponsor Investment: $2,170,000 (deferred developer fee)

-Receive HUD environmental approval early Market Rate Multifamily Developing for Mixed Incomes & Mixed Populations Lessons Learned: -Receive HUD environmental approval early -Part 58 clearance -Development in a strong rent MSA - Location in a new growth area to support MKT rents -Strong Debt and Equity partners with HUD experience -Addition of market rate units minimized NIMBY concerns