AUSTIN (KXAN) — Millions of dollars of construction financing was secured for a new affordable housing development on land in east Austin currently owned by the Austin Housing Finance Corporation.
The City of Austin Housing Department said it closed $58 million in construction financing for the development, which is being called Norman Commons.
Norman Commons will be a 156-unit multifamily development located at 3811 Tannehill Lane (currently addressed as 5712 Jackie Robinson Street). The land is adjacent to Norman Sims Elementary.
The family-friendly community will feature 156 rental units and 32 for-sale units to be built by Guadalupe Neighborhood Development Corporation through its community land trust program, according to a release from the city.
Seventy-five of the units at Norman Commons are multi-bedroom. According to the release, all units will serve families at or below 60% of the median family income (MFI).
Norman Commons will also work to serve unhoused neighbors, with sixteen units having a preference for families at risk of homelessness via Foundation Communities’ Children’s HOME Initiative (CHI) Program, according to the city. These households will have access to a full‐time, on‐site case manager and a wide range of additional support services.