Foundation Communities Receives $1.5M to Build Austin Apartments
AUSTIN, Texas–(BUSINESS WIRE)–Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $1.5 million in Affordable Housing Program (AHP) subsidies to Foundation Communities for two Austin apartment complexes serving low-income individuals and families.
The $25 million Zilker Studios apartments (formerly Armadillo Studios) will provide 100 rental units to single adults with high needs, low incomes and housing instability in central Austin while The Loretta, a $31 million project, will offer 137 units to low-income families and individuals in far north Austin. Each project received a $750,000 AHP subsidy.
“We are thankful that Wells Fargo and FHLB Dallas see these two projects as critical in…