LDG Development has been approved to utilize up to $50 million in tax-exempt bonds for the construction of 328 rental units designated for individuals with incomes at or below 60% of the median family income in Travis County. The project, known as Kingswood Apartments, will be located near Circuit of America’s and Tesla plant.
The Austin Business Journal reports that the county has given its approval for this bond financing, which is set to be issued by Austin Affordable PFC (an affiliate of Housing Authority City of Austin) in December. The estimated cost for this development is $71 million.
This partnership between LDG and local housing authorities aims to address affordable housing needs within the community. By utilizing a combination of non-competitive 4% housing tax credits and multifamily bond programs, it is expected that at least half of the land and building costs will be covered.
Rental rates are projected to range from $1,314-$2,032 depending on unit type availability.
