Feature Image: Ribbon-cutting ceremony for the opening of the new deeply affordable Red Oaks community. Image: City of Austin.

Posted: 3-22-2026

Austin (Travis County) — City leaders and the Austin Housing Finance Corporation (AHFC), in partnership with the Housing Trust Group (HTG), announce the completion of Red Oaks Apartments, a new 70-unit affordable housing community designed to provide high-quality, energy-efficient homes for Austin residents across a range of household sizes.

Located in the District 6 Anderson Mill area, at 11723 N FM 620 Road, Red Oaks delivers deeply affordable units – targeting households at or below 30%, 50% and 60 % median family income (MFI) – supported through a combination of federal tax credits, private financing, and City of Austin investment through the Rental Housing Development Assistance (RHDA) Program. The community reflects Austin’s continued commitment to creating and preserving affordable housing options for working families and individuals across the city.

“In a housing market as competitive as Austin’s, projects like Red Oaks Apartments are essential to ensuring Austinites of all income levels can continue to live and thrive in our city,” said Deletta Dean, director of Austin Housing. “By leveraging local tools like the RHDA Program alongside state and private investment, we’re able to expand high-quality, sustainable affordable housing and strengthen the stability of our communities.”

Krista Laine, council member for District 6, agrees, adding that affordable housing is an effective tool at preventing housing instability.

“As we think about the many ways we approach homelessness and affordability, we know one of the most effective strategies is to prevent housing instability before it begins,” Laine says. “Developments like Red Oaks are so important to our communities because they create options for working families, seniors and neighbors who might otherwise be pushed further and further out of Austin or into crisis.”

Red Oaks Apartments include a mix of studio, one‑bedroom, two‑bedroom, and three‑bedroom units, all designed with modern finishes and resident‑focused amenities. Each apartment home features energy-efficient appliances, modern kitchen finishes, vinyl plank flooring, ceiling fans, in-unit washer and dryer, private covered terraces, high-speed internet access, walk-in closets, stainless steel appliances, and quartz countertops.

“At Housing Trust Group, we believe that working professionals and families who are the backbone of Austin’s economy deserve high-quality housing options, just like anyone else,” said Matthew Rieger, president and CEO, Housing Trust Group. “Red Oaks is a reflection of that commitment — 70 beautifully designed apartments with resort-style amenities.” 

Public and private investment 

The $26 million development was made possible through a layered financing structure that reflects the City’s commitment to expanding affordable housing options:
 

• $16 million in equity through 9% Low-Income Housing Tax Credits (LIHTC) allocated by the Texas Department of Housing and Community Affairs and syndicated through Raymond James

• $15.6 million construction loan from Bank of America

• $7 million permanent loan from Berkadia through Freddie Mac

• $4 million RHDA loan from the Austin Housing Finance Corporation

City funding tools such as RHDA help fill financing gaps, allowing affordable housing developments to move forward and remain financially viable while maintaining long-term affordability for residents. This collaboration ensures long-term affordability and supports the City’s strategic housing goals. 

Rieger says public-private partnerships like these are critical to addressing Austin’s growing housing needs.  

“Communities like this are only possible when the public and private sectors come together around a shared goal, and we’re incredibly grateful to the City of Austin and the Austin Housing Finance Corporation for trusting us to deliver on that promise,” added Rieger. 

Edited from news release.

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