Affordable housing nonprofit Foundation Communities has received $11 million in tax credits for a project at the corner of 11th and Trinity streets in downtown Austin. Foundation Communities Executive Director Walter Moreau said Capital Studios is slated for 120 efficiency apartments—27 of which will be supportive housing for homeless individuals—to house single adults with rents of about $400–$650 per month including bills.
Moreau said the units would be targeted toward those earning about $12.75 per hour or less.
"We think it will be particularly attractive for folks that work downtown in hotels, restaurants or in the service sector," Moreau said. "We'll have very limited parking, so it's designed for folks that don't have a car. But there's a bus stop right in front of the property that has bus service for four grocery stores."
The 27 units devoted to supportive housing will work much like supportive units in Foundation Communities' other properties. Residents will have access to on-site social services, which proponents of supportive housing say help residents maintain healthier, more productive lifestyles.
"We'll provide case management services, and we can help connect people to health services and substance abuse services if that's a challenge," Moreau said.
The projected opening date for the facility would be early 2014. Foundation Communities is asking for $2.3 million in funding from the City of Austin. City Council is scheduled to discuss the request at its Aug. 2 meeting.
Foundation Communities has another development, Arbor Terrace, opening later this week, and residents will begin to move into the development. Located at 2501 S. I-35 in a former Suburban Lodge motel, Arbor Terrace has 120 furnished efficiency apartments with on-site services.
"They were completely preleased in the past two months, and I think that really illustrates the demand and need for affordable supportive housing," Moreau said.