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Austin: City Sets Public Hearing for Affordable 300-Unit Multifamily Development

Feature Photo: Street view of the Easton Park’s master planned community northern tract (left) and the proposed multifamily project across the street in the community’s southern section. Image: Google Streets.

Posted: 11-11-2021

by Art Benavidez

Austin (Travis County) — A public hearing has been scheduled by the City Council for a proposed 300-unit multifamily development.

A public hearing will be held Nov. 18 for Richman Easton Park Apartments, LLC’s tax credit application to the Texas Department of Housing and Community Affairs.

Richman Easton Park Apartments, LLC a subsidiary of Richman Southwest, LLC, out of Dallas, seeks partial funding for the development of Easton Park Affordable Multifamily through the use of 4% low income housing tax credits.

According to the Travis County Appraisal District, Richman Easton Park Apartments, LLC owns three undeveloped lots at the southwest corner of William Cannon Drive and McKinney Falls Parkway that total 10.4 acres.

Easton Park Affordable Multifamily will be available to members of the community making at or below 40% to 80% of the median family income (MFI).

Construction of the Easton Park Affordable Multifamily project is estimated at $60 million with building costs and contractor fees accounting for approximately $39 million.

Travis County Housing Finance Corporation will be a general partner in the development allowing the property to be exempt from paying property tax.

An 800 acre expansion of the Easton Park master-planned community was announced earlier this year that will separate the community into a north and south section. The community consists of over 2,300 acres and is expected to have over 14,000 residential units.

VBX Project ID: 2021-7DAB