A team consisting of two developers and an investor has successfully secured $74.5 million in funding for the construction of a 204-unit affordable housing project in East Austin. The National Housing Preservation Fund (NHPF), along with AHFC and Capital A Housing, are collaborating on the development known as Seabrook Square.
The financing for Seabrook Square is diverse, including a $40 million tax-exempt bond from the City of Austin, $3.4 million in Citibank construction bridge debt, $32.3 million from Boston Financial’s 4% LIHTC Equity syndication program, and an additional $13.5 million from Austin Housing Finance Corporation for subordinate debt financing.
Residents can look forward to various on-site amenities such as parking spaces, approximately 3,000 square feet of commercial space that will house an artist incubator and Origin Studio House , a large public plaza , live/work units , locally curated murals , passive/active recreation spaces,and a community center . These features aim to enhance residents’ quality of life at Seabrook Square.
