This tax credit development offers residents proximity to the Capital Metro North Lamar Transit Center. The Palms (formerly Malibu) contains the largest number of housing units within one development that was gap financed through the City of Austin's developer assistance programs, providing for the retention of 476 mixed income units.

The Palms Apartments

Development:

The Palms (formerly Malibu) Apartments
Award Recipient: The Mulholland Group
Development Profile: Rental housing; acquisition and rehabilitation.
Total Housing Units: 476
Investment Impact: 215 affordable housing units at 99 years
Affordability: 22 units at 30% median family income or less, 193 units at 50% median family income or less
Location: 8600 N. Lamar Blvd, Austin, TX 78753
Source of Funding: General Obligation Bonds
Amount Awarded: $3,000,000
Date approved by AHFC Board: July 23, 2009
Project Status: Renovations Complete; Grand Opening December 5, 2011