AUSTIN, Texas — A new housing development for low-income Austinites is almost open.
On Wednesday, the Balcones Terrace Apartments in North Austin celebrated getting one step closer to its official opening by holding a ribbon cutting ceremony.
Management team Foundation Communities, Austin Mayor Kirk Watson and various city representatives attended the event on site at 10024 N. Capital of Texas Highway, not far from MoPac.
Once open, the housing development will offer 123 single units for individuals with exceptionally low incomes and/or those experiencing homelessness.
Residents will be free to utilize a food pantry, case management resources, a courtyard, an exercise room, a community kitchen and more. Fifty Housing Authority of the City of Austin (HACA) vouchers are also available to those who previously lived in extreme homelessness conditions.
Before the new community was created, the space once served as a four-story hotel comprised of two different buildings. It has since been redeveloped for its new purpose with a 55-year lease.
The lot itself is owned by the Austin Housing Finance Corporation (AHFC), and this transition was achieved with the help of $10 million in funding from Austin and an additional $10 million from the U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG).
This is also the 50th year of the CDBG program which, according to Foundation Communities, has provided the city with more than $350 million to support housing and economic advancements.
Balcones Terrance is not yet open for residents, but those interested can submit an online pre-application to join the waitlist.
