Seventy-Six Unit Mixed-Income Development Approved for Austin
City Council passed a measure today allowing the issuance of up to $15 million in tax-exempt revenue bonds for the acquisition and construction of Austin United Alliance (AUA). The six-story, 76-unit, new construction, mixed-income apartment building in Austin is an INVEST South/West project that will include 53 affordable units for households at or below 50% and 60% of the area median income (AMI) and 23 market-rate units. The unit mix includes 25 one-bedroom, 24 two-bedrooms, and four three-bedroom units.
The development will be financed with various sources, including up to $15,000,000 of tax-exempt bonds issued by the City of Chicago that will automatically generate 4% Low Income Housing Tax Credits for an estimated $8,861,760 in equity for the benefit of the transaction. The equity payments will be funded throughout construction to completion and finally occupancy. Other funding will consist of a private loan, TIF, HOME, 9% LIHTC, and grants from ComEd and GP Equity.
Austin United Alliance is a partnership between Heartland Housing and Oak Park Regional Housing Center. The Oak Park Regional Housing offers free resources for housing primarily serving Western Cook County. Since founded in 1988, Heartland Housing has been actively involved in the development, completion, and placement in service of 25 projects totaling over 2,600 units of affordable and permanent supportive housing in Chicago, Milwaukee, and Madison, currently managing over 1,350 affordable units.
# # #