Basis Communities Receives $1.5 Million for Austin Reasonably priced Housing Growth to Ease Low-Revenue Housing Scarcity

Foundation Communities Receives $1.5 Million for Austin Affordable Housing Development to Ease Low-Income Housing Shortage

AUSTIN, TX – Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded Foundation Communities $ 1.5M in Affordable Housing Program (AHP) grants for two Austin apartment complexes that serve individuals and families serve on low income.

The $ 25 million Zilker Studios (formerly Armadillo Studios) apartments will provide 100 rental units for single adults with high needs, low incomes, and residential instability in central Austin, while the Loretta, a $ 31 million project, 137 Individuals in the far north of Austin will offer housing units for low income families. Each project received an AHP grant of $ 750,000.

"We are grateful that Wells Fargo and FHLB Dallas see these two projects as critical to delivering affordable housing at a time when rising rents and house prices are straining budgets for many Austinites," said Walter Moreau, Executive Director of Foundation Communities.

Wells Fargo said the bank is excited to support the nonprofit's mission.

"This is a local nonprofit that has created innovative and affordable housing and opportunities that change people's lives," said Theresa Alvarez, senior vice president of community relations, central Texas, Wells Fargo.

AHP funds are intended to support the members of the FHLB Dallas in financing the purchase, construction and / or renovation of condominiums, rental or transitional housing and housing for the homeless. AHP funds must be used to help households with incomes 80 percent or less of the median income in the region.

In 2020, FHLB Dallas awarded $ 19.3 million in grants to 38 affordable housing projects. The grants will help create 2,749 new or refurbished housing units. That includes $ 10.2 million for 1,475 units in Texas.

Since AHP was founded in 1990, FHLB Dallas has awarded more than $ 323 million in AHP and home closure programs and has assisted more than 57,000 households.

Greg Hettrick, first vice president and director of community investment at FHLB Dallas, said Wells Fargo has been a long-time advocate of affordable housing.

"We have worked with Wells Fargo on dozens of AHP grants in multiple cities and states over the years. They have been a pleasure to work with," said Hettrick.

Source: Foundation communities


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