Work Underway on 150-Unit Austin Affordable Housing Project
The City of Austin Housing Department has announced the groundbreaking of Iris Gardens, a new affordable senior living community in East Austin’s District 3. This 150-unit development is a collaborative effort between the local nonprofit Family Eldercare and the developer Vecino Group. The project aims to provide housing solutions for seniors and other community members who face significant barriers to securing affordable housing.
Iris Gardens will be located at 1013 Montopolis Drive and will feature a mix of one- and two-bedroom apartments. Units will be available to households earning at or below 30%, 50%, and 60% of the area median income. Notably, approximately 65 of the apartments will be designated as permanent supportive housing for individuals exiting homelessness. Additionally, 15 units will be supported by vouchers for U.S. military veterans.
The estimated cost of the development is approximately $50 million. Funding is being provided through the Austin Housing Finance Corporation’s Rental Housing Development Assistance (RHDA) program, which is supported by General Obligation Bonds and the city’s Downtown Density Bonus Program. The project is scheduled for completion and move-in by 2027.
