The 176-unit Primrose of Shadow Creek has completed 35 units and signed 18 tenants so far, according to a contact with the City of Austin. The complex is situated near the intersection of Interstate 35 and Texas 290 in northeast Austin.

The property has landscaped garden areas, community rooms and laundry rooms in each building. Tenants are limited to annual incomes of $29,880 for one person or $34,150 for a family of two. The city contact said there is a large need for affordable housing for the seniors segment of the population.

The housing finance corporation financed the project by selling low-income housing tax credits to an investor. The corporation bought the land for $1 million. The ground lease has an annual revenue of $60,000 for 40 years. When the tax benefits run out in 15 years, the housing corporation will have the right to buy the complex for the outstanding debt.The project is Southwest Housing's first in Austin. It has six senior apartment properties in the Dallas area.