City of Austin
FOR IMMEDIATE RELEASERelease Date:
Vi Collina Apartments on East Oltorf Street
Austin is celebrating the grand opening of Vi Collina Apartments, a multifamily affordable housing complex of 170 units in the East Riverside neighborhood, with a ribbon-cutting ceremony on Thursday May 12, from 4 p.m. to 6 p.m. at 2401 East Oltorf Street.
Vi Collina was made possible through a limited liability partnership between the Austin Housing Finance Corporation (AHFC), Saigebrook Development, LLC and O-SDA Industries to provide much-needed affordable housing for households of varying income levels in Southeast Austin.
The Vi Collina complex consists of four buildings, each ranging from five to six stories in height, and is only 2.5 miles from downtown with easy access to public transportation on a major mobility corridor.
The grand opening ceremonies will include a property tour, ribbon cutting by the Austin Chamber of Commerce, and light refreshments. Featured guests include Austin City Councilmember Sabino “Pio” Renteria, City of Austin Housing & Planning Department Director Rosie Truelove, and Citi Community Capital Director Carrie Lee. Lisa Stephens of Saigebrook Development, and Megan Lasch of O-SDA Industries, lead the event.
The partnership used an integrated funding model, with AHFC providing Private Activity Bonds, Rental Housing Development Assistance funding, a loan of $3.5 million, and 4 percent Low-Income Housing Tax Credit financing, to ensure that all its units were available at rents affordable to households making between 30 percent and 80 percent of area median income. Approximately 45 percent of the units will be affordable to households earning less than 50 percent of the Average Median Family Income (AMFI) for the Austin area, with the remaining units being affordable to households at the 60 percent, 70 percent, and 80 percent of AMFI levels.
The AHFC has previously established nonprofit Limited Liability Company structures for affordable housing, including the Nightingale at Goodnight Ranch, Aldrich 51, The Timbers, Villas on Sixth, Arbors at Creekside, Heritage Heights at Blackshear, and Retreat at North Bluff (formerly known as Village on Little Texas).
For more information, visit the Vi Collina website.
About Austin Housing Finance Corporation
The Austin Housing Finance Corporation (AHFC) was created as a public, non-profit corporation and instrumentality of the City of Austin. The mission of the AHFC is to generate and implement strategic housing solutions for the benefit of low- and moderate-income residents of the City of Austin.
About Housing and Planning Department
The Housing and Planning Department provides resources related to planning, zoning, housing, and community development to enhance the quality of life of all Austinites. Equitable, efficient, and comprehensive planning with displacement prevention as a prioritized focus is the Department’s core charge in delivering housing services to the community.