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NE Austin Getting 176-Unit Senior-Living Project

AUSTIN-Southwest Housing Management, headquartered in Dallas, is pushing dirt on its first Austin project, a 176-unit complex in the city's northeast submarket. Austin Housing Finance Corp. is partnering on the development, which carries a late 2002 delivery.

By Tim Green | Updated on September 26, 2001

AUSTIN-Dirt is flying on a 176-unit apartment complex for people 55 years and older in northeast Austin. The Austin Housing Finance Corp. is teaming on the project with Dallas-based Southwest Housing Development.

The Primrose of Shadow Creek Apartment Complex is near the intersection of Texas 290 and Interstate 35. It’s expected to be ready for tenants by the end of 2002.

The AHFC financed the project by selling low-income housing tax credits to an investor. The finance corporation spent $1 million to acquire the land and intends to recover the money over 40 years with annual payments of $60,000. At the end of 15 years, when the tax benefits are exhausted, the AHFC will have the right to acquire the property for the outstanding debt.

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