AUSTIN, Texas — An Austin nonprofit announced the development of a $65 million resource center and affordable housing neighborhood in northeast Austin.
Called ASPIRE, the development will be located on the northeast corner of East Braker Lane and Wedgewood Drive, according to BiGAUSTIN, a nonprofit community development financial institution.
The development will feature a 20,000-square-foot economic and social impact resource center that will serve as BiGAUSTIN's new headquarters. It will also feature about 400 affordable housing units. The group said ASPIRE will be a "diversified, multi-use, mixed-income development" for underserved residents.
According to BiGAUSTIN, the project will advance social and economic opportunities for low-income and minority individuals through entrepreneurship and job skills training, access to loans, affordable housing and community-building initiatives.
“ASPIRE will be a unique community-based business model, seamlessly aligned with the community and social impact goals and values of all parties involved, and we are thrilled to partner with BACDC, Bank of America and other industry leaders and advocates,” said Stacy Rhone, CEO of BiGAUSTIN. “As we expand our offerings in northeast Austin and throughout Travis County, our team will continue to pursue meaningful opportunities to support entrepreneurs and job seekers in those areas with the fewest resources and housing options.”
BiGAUSTIN said Thursday that Banc of America Community Development Company is investing in the venture and that BiG OPP Zone along with San Antonio-based Missing DG will develop the property.
The initial investment by BACDC will support pre-development initiatives and BiGAUSTIN’s efforts in identifying and expanding the most relevant and innovative social services to help support underserved entrepreneurs and job seekers in Austin and surrounding areas, BiGAUSTIN said.
PEOPLE ARE ALSO READING: