1. Market Rate Multifamily Developing for Mixed Incomes & Mixed Populations

2. 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)

3. 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, (65/35 Split, 10% pref)
COA Grant Funds: $2,500, (forgivable loan)
Sponsor Investment: $2,170, (deferred developer fee)

4. -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