Austin: Prosperity Bank and FHLB Dallas provide $750,000 for $16.4 million affordable apartment project

Featured photo: Artist rendering of the apartment project by Architecture Office of Michael Hsu.

Posted: 7-2-2022

Austin (Travis County)prosperity bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $750,000 Affordable Housing Program (AHP) grant to build an affordable apartment complex for people living with HIV in Austin.

The $16.4 million Burnet Place Apartmentsdesigned by the Michael Hsu Architectural Officewill be built in North Austin. True Casa Consulting LLC an affordable housing development and finance consultancy firm dedicated to supportive housing – helped Project transitions helping them secure commitments for 75% of the funding needed with the remaining sources identified and pending.

The three-story complex will have 61 units of affordable housing with intensive support services, with all units reserved for people living with HIV at 8007 Burnet Road.

No construction has yet started, but an old building on the site has already been demolished to make way for Burnet Place Apartments.

Scurry Millerexecutive director of Project Transitions Inc., said stable housing is essential for people living with HIV because of the complex treatment regimen required.

“In Austin, the rent for a one-bedroom apartment is 75% more than an entire Supplemental Security Income payment,” he said. “This unaffordable level of rent combined with the typical health issues of unmanaged HIV is a condemnation of homelessness. Project Transitions is grateful for funding that will provide affordable housing options for people living with HIV.

Rudy ReyesProsperity Bank vice president and chief compliance officer for the Community Reinvestment Act, said affordability has been a challenge as Austin gains national popularity as a place to do good living.

“We are keenly aware of the spiraling housing costs in Austin, and for people living with HIV, the crisis is particularly acute,” he said. “We are impressed with Project Transitions’ commitment to providing stable, supportive housing for people living with HIV.

Justin Westmorelandregional president of the Central Texas region for Prosperity Bank, worked closely with Project Transitions on the AHP funding request.

“Project Transitions has been working to provide affordable housing for people with AIDS since the late 1980s, when it opened its first hospice,” Westmoreland said. “His programs and solutions have since grown and touched many lives in Central Texas. We are proud to be part of their latest venture.

AHP funds are intended to help FHLB Dallas members finance the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, and housing for the homeless. The funds must be used to benefit households whose income is equal to or less than 80% of the region’s median income.

“We are thrilled to partner with Prosperity Bank on this high quality, highly affordable housing complex and look forward to seeing the finished product,” said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas.

VBX Project ID: 2022-3568

Modified from press release.

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