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“We are thrilled to help build an amenity- and services-rich, family-friendly community adjacent to Norman Sims Elementary to continue our goal of affordable housing in Austin,” said Mandy DeMayo, Interim Director for the City of Austin’s Housing Department. “These investments ensure affordable units in areas vulnerable to displacement. Located within one mile of Project Connect corridors, Norman Commons is near the route of the future Green Line rail service that will serve neighbors in the area.” In total, 75% of the units at Norman Commons are multi-bedroom – including Foundation Communities’ first property with four-bedroom units. All units will serve families at or below 60% of the median family income (MFI). Norman Commons will also work to serve our unhoused neighbors, with sixteen units having a preference for families at risk of homelessness via Foundation Communities’ Children’s HOME Initiative (CHI) Program, which has been serving homeless families across Austin since 2003. These households will have access to a full‐time, on‐site case manager, and a wide range of additional support services. “We are excited about having this opportunity to help more lower-income families in Austin find stability and success through affordable housing and support services,” said Foundation Communities Executive Director Walter Moreau. “Thank you, AHFC for your financial support for Norman Commons.” Additionally, the community will feature an on-site Learning Center with a multitude of free services for both residents and neighbors alike, including free youth afterschool and summer programs to complement existing programs at Norman-Sims Elementary, a healthy food pantry, plus educational, financial, and health‐oriented classes for adults.
Norman Commons BackgroundAHFC acquired the almost 8-acre property from the Austin Independent School District (AISD) in 2018. Following community engagement and a competitive request for proposals, AHFC awarded the development opportunity to Foundation Communities and Guadalupe Neighborhood Development Corporation (GNDC) in November 2021. “GNDC is delighted to be able to provide 32 more homeownership opportunities to families with generational ties to East Austin thanks to this partnership with Foundation Communities and AHFC. Every day we see the positive impact our affordable homeownership program has on people's lives, especially assisting East Austinites become homeowners in their own neighborhood. We're looking forward to building the townhomes at Ada Anderson Place on Tannehill Lane for the next wave of homeowners,” said Mark Rogers, GNDC’s Executive Director. The site will include two phases of development with the first phase, Norman Commons Apartments, consisting of 156 affordable rental units and the second phase, Ada Anderson Place, consisting of 32 units of affordable ownership housing through the GNDC’s community land trust. Norman Commons has a long-term ground lease with AHFC through which the land will continue to be publicly owned. Norman Commons is anticipated to be completed in late 2025 and Ada Anderson Place in late 2026/2027. Norman Commons involved a complex financing strategy with many funding sources. It is primarily financed by a $31.5M tax-exempt bond issued by the Texas State Affordable Housing Corporation (TSAHC); a $4.4M construction loan and $14.8M permanent loan through Wells Fargo; $25.5M in 4% LIHTC equity syndicated by Wells Fargo; $850,000 from the Federal Home Loan Bank of Dallas; $2.5M in Capital Magnet Funds; a $2M sponsor loan from Foundation Communities; and $8.9M in AHFC debt financing through the Rental Housing Development Assistance (RHDA) program. The AHFC funding for RHDA includes over $8.4 million in Project Connect dollars and $436,331 from 2022 GO Bonds. Public art sits at prominent locations throughout the site, and a host of amenities including playgrounds, fitness stations, a walking trail, and a ball court provide opportunities for physical activity. Sustainability and durability are critical factors in the selection of materials and systems for the building as well as key design features throughout the community. For more information on developing affordable housing in Austin, visit www.austintexas.gov/housing.
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About the City of Austin Housing Department About the Austin Housing Finance Corporation About Foundation Communities About Guadalupe Neighborhood Development Corporation (GNDC) |
