Austin: Prosperity Bank and FHLB Dallas pledge $750,000 for affordable $16.4 million apartment project


Feature Photo: Artist’s rendering of the housing project by Architectural firm Michael Hsu.

Posted: 7-2-2022

Austinprosperity bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $750,000 grant to the Affordable Housing Program (AHP) to build an affordable apartment complex for people living with HIV in Austin.

The $16.4 million Burnet Place Apartmentsdesigned by the Architectural firm Michael Hsuwill be built in North Austin. True Casa Consulting LLC an affordable housing and financing consultancy dedicated to supportive housing – has supported project transitions by helping them get pledges for 75% of the funding they need, with the remaining sources identified and pending.

The three-story complex will have 61 affordable housing units with intensive support services, with all units reserved for people living with HIV at 8007 Burnet Road.

Construction hasn’t started yet, but an old building on the site has already been demolished to make room Burnet Place Apartments.

Fugitive MillerExecutive Director, Project Transitions Inc., said stable housing is essential for people living with HIV because of the complex treatment plan required.

“In Austin, the rent for a one-bedroom apartment is 75% more than a whole additional security income payment,” he said. “This unaffordable level of rent combined with the health problems typical of unmanaged HIV is a verdict on homelessness. Project Transitions is grateful for the funding that provides affordable housing for people living with HIV.”

Rudy ReyesVice President of Prosperity Bank and Compliance Officer of the Community Reinvestment Act, said affordability has been a challenge as Austin is gaining popularity nationwide as a great place to live.

“We are keenly aware of the skyrocketing housing costs in Austin, and the crisis is particularly acute for people living with HIV,” he said. “We are impressed by Project Transitions’ commitment to providing stable and supportive housing for people living with HIV.”

Justin WestmorelandCentral Texas Regional President for Prosperity Bank, worked closely with Project Transitions on the AHP funding request.

“Project Transitions has worked to provide affordable housing for people living with AIDS since the late 1980s when it opened its first hospice center,” said Westmoreland. “His programs and solutions have since expanded, touching many lives in central Texas. We are proud to be part of their latest endeavor.”

AHP funds are designed to help FHLB Dallas members finance the purchase, construction and/or renovation of owner-occupied, rented or transitional housing and housing for the homeless. Funds must be used to benefit households whose income is 80% or less of the area’s median income.

“We are delighted to be working with Prosperity Bank on this high quality, highly affordable residential complex and look forward to seeing the finished product,” he said Gregory Hettrick, First Vice President and Director of Community Investments at FHLB Dallas.

VBX Project ID: 2022-3568

Edited from the press release.

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