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Austin: Prosperity Bank and FHLB Dallas Provide $750K for $16.4 Million Affordable Apartment Project

Feature Photo: Artist rendering of the apartment project by Michael Hsu Office of Architecture. 

Posted: 7-2-2022

Austin (Travis County)Prosperity Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $750,000 Affordable Housing Program (AHP) subsidy to build an affordable apartment complex for people living with HIV in Austin. 

The $16.4 million Burnet Place Apartments, designed by the Michael Hsu Office of Architecture, will be built in North Austin. True Casa Consulting LLC an affordable housing development and financing consulting firm dedicated to supportive housing – has assisted Project Transitions with helping them get commitments for 75% of the funding needed with remaining sources identified and pending.

The three-story complex will have 61 units of affordable housing with intensely supportive services, with all units reserved for people living with HIV at 8007 Burnet Road.

No construction has started yet, but an old building on the site has already been demolished to make room for Burnet Place Apartments. 

Scurry Miller, executive director of Project Transitions Inc., said stable housing is essential for people living with HIV due to the complex treatment regimen required.

“In Austin, the rent for a one-bedroom apartment is 75% greater than an entire Supplemental Security Income payment,” he said. “This unaffordable rent level combined with the health issues typical of unmanaged HIV is a sentence to homelessness. Project Transitions is thankful for funding that will provide affordable housing options for people living with HIV.”

Rudy Reyes, Prosperity Bank vice president and Community Reinvestment Act Compliance Officer, said affordability has been a challenge as Austin grows in popularity nationally as a great place to live.

“We are acutely aware of the skyrocketing costs of housing in Austin, and for people with HIV, the crisis is particularly acute,” he said. “We are impressed with Project Transitions’ commitment to providing stable and supportive housing for people living with HIV.”

Justin Westmoreland, regional president of the Central Texas area for Prosperity Bank, has worked closely with Project Transitions on the AHP funding request.

“Project Transitions has been working to provide affordable housing to people with AIDS since the late 1980s when it opened its first hospice care center,”  Westmoreland said. “Its programs and solutions have expanded since and touched many lives in Central Texas. We are proud to be a part of their latest endeavor.”

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80% of the median income for the area.

“We are excited to partner with Prosperity Bank on this high-quality and deeply affordable housing complex and look forward to seeing the finished product,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.

 VBX Project ID: 2022-3568

Edited from news release.


art@virtualbx.com

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By |2022-07-03T10:31:54-05:00July 2nd, 2022|Construction Preview, Feature Story|

About the Author:

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.

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