Garden Terrace at 1015 W. William Cannon Dr. in the south submarket will have 85 one-room units. It will be managed by Foundation Communities in partnership with the Capital Area Homeless Alliance. The housing corporation increased the loan amount for the property by $500,000. The total loan amount is not to exceed $1.8 million.
For the Oak Spring Villas, a 56-unit property at 3001 Oak Springs Dr. in the east submarket, the corporation authorized a loan of $466,715. The Volunteers of America Texas will manage the property, which is for low-income elderly families.
The corporation also authorized a loan of $800,000 to Rosewood I Senior Housing Community, a 54-unit facility also designed for low-income elderly families. The property at 2720 Lyons Rd. in the east submarket is a non-profit affiliate of Family Eldercare Inc. The money for the loans comes from the housing corporation's Rental Housing Development Assistance program.
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