The NRP Group has broken ground and begun construction on a 318-unit, fully affordable housing community in Austin. The 4% tax credit and bond development is created in partnership with the Housing Authority of the City of Austin (HACA), resulting in an investment of over $70 million in the community.
Bridge at Estancia is located just 11 miles south of Downtown Austin at the intersection of IH-35 South and SH-45 and is situated directly across from land purchased by the Texas Children’s Hospital. The development is uniquely positioned in Estancia Hill Country, a 600-acre mixed-use, master-planned community. Once completed, the residential community will be connected to several amenities including walking trails and greenspace. Additionally, it will be in close proximity to large Austin employers and the rapidly growing communities of Kyle, Buda, and San Marcos.
The four-story apartment community features an assortment of one- to four-bedroom floor plans, targeting working families. Life-affirming, wraparound support services will include after-school programming, financial literacy training, English as a Second Language (ESL) assistance, health and wellness screenings, a first-time homebuyer program and more. Apartments will be reserved for renters earning up to 60% AMI and will help fulfill the growing need for affordable housing in Travis County—a community flourishing with luxury market-rate and for-sale housing options.
According to HousingWorks Austin, a non-profit advocacy organization aiming to increase the supply of affordable housing in Austin by providing research, education, and thoughtful policy recommendations, the high cost of living has quickly outpaced the average household income. The short supply of affordable housing has created limited options for individuals and families to live and work in Austin and has only deepened the affordable housing crisis in the city. The report cites a 27% increase in monthly rent from 2020 to 2021.
Bridge at Estancia will include community amenities such as a resort-style pool, community lounge, fitness and business centers, a playground, and BBQ pits. Each residence is outfitted with granite countertops, fully equipped kitchens, LED light fixtures, and walk-in closets.
The first units of Bridge at Estancia are expected to deliver Summer 2023.