Housing Trust Group (HTG) has secured financing and begun construction on Red Oaks, a $26 million affordable housing community in Austin, Texas. The development will consist of 70 units reserved for income-qualifying residents who earn at or below 30, 50, and 60 percent of the area median income (AMI). Completion is expected in late 2025.
Located at 11723 N FM620 Road, Red Oaks will offer apartments ranging from 569 to1,143 square feet. Residents will have access to amenities such as a swimming pool,multipurpose community room,and fitness center.
The project’s funding sources include $16 million in Low-Income Housing Tax Credits (LIHTC) allocated by the Texas Department of Housing and Community Affairs through Raymond James,a construction loan of $15.6 million from Bankof America,a permanent loanof$7millionfromBerkadia through Freddie Mac,and a subordinate RHDA loanof$4millionprovidedbytheAustinHousingFinanceCorporation.This diverse mix offundingwill help make affordable housing accessible for low-income individualsin Austin.The project is expectedto provide much-neededaffordablehousing optionsforresidentsintheareaandisexpectedtobecomeanimportantcommunityassetuponcompletion.
