AUSTIN, Texas — Construction is underway in northwest Austin on McNeil Drive near US 183. Crews with DMA Companies are building the 147-unit Arbor Park senior living apartments for ages 55 and up.
"The costs keeping going up and we have to find ways to make it affordable for people to stay in the area," said Mark Gilbert with DMA Companies.
Gilbert said the 1-bedroom units are around 600 square feet.
"An array of units going as low as 30% of the area medium income, currently 1 bedrooms that would be around $500. The majority of the units are at 50-60% of the medium area income, I'd say probably around $900 a month average rent," he said.
Gilbert said around 10% of tenants will get that $500 rate. Some two-bedroom apartments do go up to $1,700.
This comes at a time when researchers at the university of Massachusetts-Boston said many seniors are struggling to live on their own. They developed the "Elder Index" and found more than half of older women living alone can't afford basics like food and housing, while 45% of older single men also can't afford those basic necessities.
"This is really critical to give people an independent living option to be with people that are there age at an affordable monthly rent," said Gilbert.
He said this housing project is possible with the help of the federal low tax income tax program.
"The federal housing low-income tax credit program is the main source of financing. It helps with cost of construction and let us have a lot lower cash flow," said Gilbert.
They also received $2 million from the City of Austin affordable bond fund.
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