Austin: Local Non-Profit Receives $9 Million in Bond Funding for 27-Unit Tower Development
Feature Illustration: Sketch of the west elevation of La Vista de Lopez, superimposed on an eastward view of the project site and surrounding structures. Google Street image with VBX graphics.
Austin (Travis County) —A local affordable housing non-profit organization received bond funding for a senior unit development from the Austin Housing Finance Corporation (AHFC) Board of Directors last month.
The Guadalupe Neighborhood Development Corporation (GNDC) through its affiliate LaVista de Lopez, LP received $9,000,000 in private multifamily non-recourse bonds.
A historic one-story Victorian home stands on the property; the Routon-Alvarez-Lopez House was built between 1900-1917. It is to remain, be restored and serve as the new project’s amenity center.
The new construction will take place in what is now the backyard of the Victorian house at 809 E. 9th St., where 9th Street meets the North Interstate 35 Frontage Road. La Vista de Lopez, as it will be known, has a small footprint–just 0.18-acre.
GNDC is proposing developing the complex with eight one-bedrooms and 19 two-bedrooms for a total of 27 units.
Last July,VBX reported that GNDC was nearing completion on plans for a proposed nine-story senior housing project.
The design included an underground parking garage with 15 spaces. Financing for the development is proposed to come in part from four percent low-income housing tax credits and private activity bonds issued by AHFC.
The budget summary calculates that of the $14.9 million total project cost, about $10 million would be apportioned for site work and the actual construction of buildings and amenities.
Austin-based Hatch+Ulland Owen Architects and Civilitude Engineers and Planners are on board the project.
The north and south elevations of the tower. Courtesy: Hatch+Ulland Owens Architects.
Art Benavidez (Construction News Reporter, Central Texas) is a seasoned journalist with over 15-years of experience in writing breaking news and in-depth features at the local level. He honed his research and reporting skills in newspapers and magazines throughout South and West Texas along with expertise in crafting digital content as Managing Editor of New Image Marketing Research Corporation. Benevidez is a Texas native and graduate of UT-RGV.