Quote:
Originally Posted by Komeht
What makes this particular project "affordable" isn't the small size of the units, but over $10 Million dollar in federal tax credits and nearly $2 Million dollars from the city coffer.
I'm all for building smaller units as the market commands - but this project does not get built but-for very generous subsidies.
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That is unfortunately the way things work. However, Foundation Communities (
http://www.foundcom.org/ ) is an Austin-based non-profit and one of the most creative affordable housing developers you'll find. They work hard to get the most bang for those government dollars. Their developments aren't just stacked-box housing projects, either. They put thought into their designs and they make a point of including as many sustainability features as they can in their developments to try and keep energy costs down for the renters. They are the developers of Capital Studios (previously called Capital Terrace) at 11th and Trinity:
Capital Studios (frmrly Capitol Terrace) Statesman Article:
http://www.statesman.com/news/news/l...-plan-1/nRj98/
Capital Studios Website Info:
http://www.foundcom.org/news-and-events/capitalstudios/
In addition, they work hard to repurpose and redevelop floundering properties into housing. They took that empty Ramada Inn on Ben White and redeveloped it into an affordable housing community. They even installed solar panels to help with energy costs. That's a great example of creative reuse.
I'll get off my soapbox now.
But I will say that almost all traditional developers won't venture into affordable housing because there is little or no profit in it. Add to that the paperwork, bureaucracy and long lag time just to get the government money, and it's a non-starter. The only way most developers will include affordable units in their residential projects is if the City or government mandates it. I love the luxury apartments as well and mostly agree with the rest of your statement, but everyone needs a place to live and without non-profits like Foundation Communities, very few options would exist for lower-income renters.