Hunt Capital Partners (HCP) has announced the closing of a $14.1 million low-income housing tax credit (LIHTC) investment in Saison North, a 116-unit affordable housing community that is being built in Austin, Texas.
Once completed in May 2024, the development will offer 48 one-, 44 two-, and 24 three-bedroom units set aside for family households earning up to 30%, 50%, and 60% of the area median income as well as 34 market-rate units.
O-SDA Industries is the developer, with Saigebrook Development as the consultant. TCC Country Hill Development Corp. is the general contractor, while Skybeck Construction is acting as the prime subcontractor. The team also includes Three Bar Architecture and Accolade Property Management.
In accordance with O-SDA Industries’ efforts toward a green, sustainable future, Saison North will be built to meet National Green Building and Austin Energy Green Building certifiable standards, as well as boast eco-conscious features such as Energy Star appliances, high-efficiency lighting, and low-flow plumbing fixtures. The development will also offer supportive services through Portfolio Resident Services, which include transportation, child care, adult supportive services, as well as health and community support.
Each unit will feature a refrigerator, an oven, a dishwasher, washer/dryer connections, and both a coat and walk-in closet. There will also be a business center, a leasing center, a fitness center, bicycle parking, and a fully furnished, two-story clubhouse with a community room.
The development will be located on the site of the previous North by Northwest Restaurant and Brewery, paying homage to the original structure by reusing various materials from the restaurant and brewery as part of the overall design.
“The significant influx of new residents and jobs in Austin has spurred economic development, but it has also started to increase rent and living expenses for longtime and low-income residents alike,” said HCP executive managing director Dana Mayo. “Saison North and other developments like it allow for growing cities like Austin to remain affordable for those that live and work there while still promoting growth.”
Development costs for Saison North total $39.2 million. HCP facilitated the federal LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 43. Bank OZK will provide a $19.5 million construction loan, and JPMorgan Chase will provide a $12.9 million permanent loan. Other financing sources include a $2.4 million construction-to-permanent loan from Travis County, a $6.2 million soft loan from Austin Housing Finance Corp., and a $375,000 soft loan from Texas State Affordable Housing Corp.