City of Austin
FOR IMMEDIATE RELEASERelease Date: Dec. 01, 2025
Contact: Tamarind Phinisee 5129742271 Email
Sycamores at Pleasant Valley and Willows Crossing will provide 113 units, providing affordable housing from rental to homeownership
AUSTIN, TEXAS — Austin Housing and the Austin Housing Finance Corporation (AHFC) are excited to announce the groundbreaking for Sycamores at Pleasant Valley and Willows Crossing, two new affordable housing communities that will bring more than 100 new income-restricted homes to Southeast Austin’s Dove Springs neighborhood in District 2.
The communities were developed together to create a continuum of affordable housing options—from rental to homeownership—within one neighborhood. Both developments will follow the City’s Preference Policy and will be affirmatively marketed to households with historic or generational ties to the city, as well as families displaced from the area due to natural disasters or government actions.
“The synergy between these developments represents Austin’s vision for housing choice and stability,” says Deletta Dean, Director of Austin Housing. “By creating both affordable rental and homeownership opportunities side by side, we’re ensuring families can grow, thrive, and stay rooted in Dove Springs for generations to come.”
Both developments began as AHFC land acquisitions in 2021. AHFC identified these previously undeveloped properties as sites for future affordable housing development given their proximity to multiple community resources (including stops on CapMetro’s new 800 MetroRapid line, Mendez Middle School, the Southeast Branch of the Austin Public Library, George Morales Dove Springs Recreation Center, Dove Springs District Park, and Dove Springs Public Health Facility) and alignment with goals in the Strategic Housing Blueprint, including expanding affordable housing options across the City. Following community engagement and competitive solicitations, the AHFC board awarded both development opportunities in 2023.
Throughout the pre-development process, community representatives guided decisions on the design, programming and even the final community names. An advisory committee consisting of Dove Springs residents, community leaders, school administrators and local artists helped shape key elements – like shared community space – to encourage connection among neighbors.
“This development reflects true community collaboration,” says Sarah Andre, Owner of Structure Development. “One of the things that current neighborhood residents wanted, and that this project will deliver, is a community meeting space that is open not just to residents but to the wider neighborhood. This is a wonderful feature that will allow residents and neighbors to get to know one another.”
“From the first time I heard about Sycamores and Willows Crossing, I was excited to share this news with my community, especially our seniors. I'm very proud of the development teams for all the hard work they've done to bring affordable housing to Dove Springs,” adds Gloria Lugo, who served on the development team’s local advisory committee and who also serves on the City’s Commission on Aging.
Sycamores at Pleasant Valley
Caption: Image shows now vacant land, which will serve as future site for Sycamores at Pleasant Valley development.
Located at 5900 S. Pleasant Valley Road, Sycamores at Pleasant Valley will provide 75 affordable and mixed-income apartments ensuring working families have access to stable, high-quality housing near high-frequency transit, schools, and essential community resources. Nineteen units will be reserved for households at or below 40% area median family income (AMFI), and 56 will be reserved for households at or below 50% AMFI.
“Affordable housing is essential to every economy,” Andre says. “If we want a vibrant city, workers of all types need homes close to jobs, schools, and amenities. Sycamores at Pleasant Valley delivers on that vision.”
Sycamores at Pleasant Valley will feature one-, two-, and three-bedroom units, a rain garden and a mural painted by a local artist. AHFC partnered with Structure Development and JCM Ventures to bring this community to life. AHFC will continue owning the land to ensure long-term affordability.
The development received $8.95 million in General Obligation (GO) Bonds through AHFC’s Rental Housing Development Assistance (RHDA) program. These local investments leverage other sources of financing, including $750,000 from the St. David’s Foundation Housing + Health Grant, Private Activity Bonds issued by AHFC, 4% Low-Income Housing Tax Credits (LIHTC) allocated by the Texas Department of Housing and Community Affairs (TDHCA) and invested by Red Stone, a construction loan from Amegy Bank and deferred developer fee. Estimated construction costs are approximately $26 million.
Willows Crossing
Caption: Rendering of Willows Crossing; courtesy of Industry ATX.
Just east of Sycamores at Pleasant Valley, Willows Crossing will add 38 affordable homes through Austin’s Community Land Trust (CLT), ensuring affordability for at least 99 years.
“We’ve seen home prices skyrocket over the last 5 to 10 years and many Austinite’s that teach in our schools, work at our restaurants and bars, provide the music we listen to as a city, need a foundation to build on and thrive,” says Michael Winningham, a Principal of Industry ATX. “Homeownership opportunities keep Austinites in Austin for the long term.”
The community, located at 5901 Drowsy Willow Trail, will consist of a mix of one- and two-bedroom condos as well as 14 townhomes. Ten units will be available for households at or below 60% of the Median Family Income (MFI) and 28 units available for households at or below 80% MFI. Units include townhouses and stacked fourplexes, with 12 units having no stairs to better accommodate households with mobility challenges.
Funding sources include $7.75 million from AHFC’s Ownership Housing Development Assistance (OHDA) Program, funded by 2022 General Obligation Bonds ($4.76 million) and 2022 General Obligation Bonds – Acquisition and Development ($2.99 million) and a construction loan from American Bank. Estimated construction costs are $11 million.
Winningham adds, that without funding from the City, developments like Willows Crossing would not be possible.
“Organizations cannot raise this kind of subsidy on their own. The federal government does not provide similar opportunities for homeownership either,” Winningham says. “Through the City of Austin’s OHDA awards and the support of our residents, groups like Industry ATX have a real foothold to provide affordable homes and sustain our communities.”
Willows Crossing is being developed by Industry ATX in partnership with Forge Craft Architecture and Citadel Development. More information is available on the Willows Crossing website.
Construction on both sites is scheduled to begin in November 2025, with move-ins anticipated in 2027.
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About the Austin Housing
Austin Housing creates and preserves housing opportunities to stabilize communities. To access affordable housing and community resources that help you, 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 Structure Development
Structure Development specializes in affordable housing finance with expertise in Low Income Housing Tax Credits and other public subsidies. Since 1994, Structure has navigated projects through local, state, and federal processes, obtaining financial and regulatory support for developments across Texas. The firm has contributed to the construction of over 13,000 affordable housing units statewide, from the Panhandle to the Valley, providing homes to families, seniors, and those in need of supportive housing.
About JCM Ventures
Founded in 2007, JCM Ventures LLC develops, invests, and consults in business and real estate transactions through full ownership, joint venture, and consulting opportunities. It takes projects from concept to completion, with expertise spanning site selection, financial projections, financing, tax credit structure, public finance packages, design, construction, and leasing. Its focus on tax credit transactions enables the creation of low-leverage, high-quality affordable housing developments across diverse markets.
About Industry ATX
Industry ATX is an Austin-based affordable housing developer recognizing the urgency of attainable living options within walkable and transit-fit neighborhoods. Our workforce in Austin deserves diverse housing options, quality design, and both creative and sustainable building approaches that stand the test of time. Industry ATX is committed to real housing opportunities, and the ability for Austinites to experience their own worth while continuing to keep Austin...Austin.