AUSTIN – The NHP Foundation, Capital A Housing, and the Austin Housing Finance Corp. have broken ground on their joint project, Seabrook Square, a 204-unit affordable housing project.
Units will be reserved for households earning 60 percent or less of the AMI. The property will also house 3,000 sf of commercial space.
Financing for the project includes a $40 million tax-exempt bond issued by the City of Austin, $32.3 million in Low-Income Housing Tax Credit by Boston Financial, $13.5 million in subordinate debt financing from the Austin Housing Finance Corp., and a $3.4 million construction loan from Citibank.
Completion is slated for late 2025.