More than 1,400 affordable housing units have opened or announced for Austin in the past 12 to 18 months, according to GlobeSt.com records. Austin Investor Interests, in its latest quarterly report, notes the increase and adds that the new affordable projects are "less distinguishable from that of some conventional properties."
The 2700 Lyons Rd. project is an effort of Family Eldercare, an Austin agency that provides services to senior citizens. The complex will be situated on 2 1/2 acres in the east submarket, close to the Conley-Guererro Senior Center along Pleasant Valley Road and the Rosewood Zaragosa Medical Clinic.
Construction should begin in the spring with delivery set for spring 2004, Karen Langley, Family Eldercare's executive director, tells GlobeSt.com. She says the project will help senior citizens stay close to their roots in East Austin.
Tom Hatch of Tom Hatch Partnership Architects is designing the facility. General contractor interviews have been conducted, but a selection has not been made.
The project is being financed through a combination of public and private funds. The largest amount was $3.2 million from the federal department of Housing and Urban Development. The Federal Home Loan Bank has made a $500,000 grant. Several private foundations have donated $1.5 million. The land for the project also was donated.
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