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.
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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 |