NHPF, a national non-profit organization dedicated to providing affordable housing, has successfully secured $74.5 million in construction financing for Seabrook Square in Austin, Texas. This marks NHPF’s first venture into the Austin market and is a collaboration with the Austin Housing Finance Corporation and Capital A Housing.
The total financing package includes funding from various sources such as a $40 million tax-exempt bond issued by the City of Austin, $3.4 million in Citibank construction bridge debt, $32.3 million from Boston Financial for 4% LIHTC equity syndication, and an additional $13.5M from the Austin Housing Finance Corporation for subordinate debt financing.
Construction is set to begin in September 2023.
Seabrook Square will consist of 204 units with ten designated as live-work residence studios specifically designed for local artists in Austin. All units will be restricted to households earning up to 60% of the area median income (AMI). Of these units, there will be 81 multi-bedroom options available for families.
This new affordable housing project demonstrates NHPF’s commitment towards addressing critical housing needs across different communities without compromising on quality or affordability.
