City of AustinFOR IMMEDIATE RELEASE
Contact: Housing Department
All units in the development will be income restricted at or below 60% MFI
AUSTIN, TX – The City of Austin Housing Department celebrates the closing on $74.5 million in construction financing in District 1 for the development of city-owned land. In partnership with the NHP Foundation, Capital A Housing, and the Austin Housing Finance Corporation, Seabrook Square I is a 204-unit multi-family development located at 3511 & 3515 Manor Road, now addressed as 2210 Pershing Drive. The community will include an arts hub centered on Black-led non-profits and small businesses including Raasin in the Sun (artist incubator), Six Square, and Origin Studio House (a black-owned café and community space). Construction for Phase I is set to start in October 2023 with Phase II set to start in 2024, both phases will be completed in 2026.
“Seabrook Square I is a unique opportunity where we can ensure economic diversity of residents in an affordable, creative development providing over 200 new construction apartments,” explains Rosie Truelove, Director of the Housing Department. “We are excited to see a full community vision that includes gathering spaces, resilience hub, public plaza, support for cultural arts organizations.”
The finance closing reflects a milestone in the development process. As approved by the Austin Housing Finance Corporation board in July 2022, the National Housing Partnership Foundation (NHPF), a New York based nonprofit real estate corporation, is also partnering with Capital A Housing, an Austin-based affordable housing developer. The Seabrook Square I development will include a five-story and four-story building that provide an opportunity to deliver a diversity of affordable housing options in Austin. All 204 units in this first phase will be affordable for households earning at or below 60% Median Family Income (MFI) and will include ten live-work-residence-studios dedicated for East Austin artists. Seabrook Square II will be developed by Integral Care and Capital A Housing and financed separately.
Seabrook Square Background
Seabrook Square is in the J.J. Seabrook neighborhood and named after Dr. John Jarvis Seabrook, a Black educator, pastor, and well-known community leader in Austin. Dr. Seabrook worked as the president of Huston-Tillotson College (now known as Huston-Tillotson University) from 1955 to 1965. The Seabrook community was envisioned to be inclusive and harmonize with the current resources and cultural history.
Seabrook Square I is financed by a $40M tax-exempt Bond issued by the City of Austin, $3.4M Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in Austin Housing Finance Corporation subordinate debt financing through Rental Housing Development Assistance (RHDA).
Seabrook Square is broken into two phases of development, with the first phase, Seabrook Square I apartments consisting of 204 affordable units and the second phase, Seabrook Square II consisting of 60 units of permanent supporting housing. Both phases of development have a long-term ground lease with AHFC through which the land will continue to be publicly owned. The site will be equipped with ample common area spaces, including a private courtyard for the PSH development and a large public plaza available to all residents and the surrounding neighborhood. Trauma informed design, durability, and long-term ownership are critical factors in the selection of materials and systems for the building as well as key design features throughout the community.
Resources for affordable housing and displacement prevention are available online at www.austintexas.gov/housing.
About the City of Austin Housing Department
The City of Austin Housing Department provides equitable and comprehensive housing, community development, and displacement prevention to enhance the quality of life of all Austinites. To access affordable housing and community resources, visit www.austintexas.gov/housing.
About the 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 The NHP Foundation
NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low- and moderate-income families and seniors, and beneficial to their communities. For more information, please visit www.nhpfoundation.org.
About Capital A Housing
Capital A Housing is an Austin-based and focused development company of affordable and mixed-income projects. It specializes in projects that range from a quarter acre to 50 acres and are responsive to neighborhood, city and elected official concerns, delivering outstanding amenities, affordability and services. For more information, please visit capitalahousing.com.