Outstanding Development Award Goes to The Terrace at Walnut Creek


The Terrace at Walnut Creek is a multifamily community located at Highway 290 and Old Manor Road, in Austin, Texas. In a city with an Area Median In-


come of approximately $78,000, there is a tremendous need for affordable housing for working families. The Terrace at Walnut Creek (TWC) is ideally located near jobs and provides resident services to improve the overall quality of life. The development offers 324 units including 1, 2, 3, and 4-bedroom apartments for residents making 60% or less of the Area Median Income.


The Terrace at Walnut Creek is the result of a partnership between The NRP Group and the Travis County Housing Finance Corporation (HFC). Initiated in 2016 and completed in June 2018, the development is the first of its kind in the county that advances efforts to be creative in its approach to creating quality affordable housing. The partnership between The NRP Group and


the Travis County HFC provides for a property tax exemption offering long term financial feasibility. Travis County HFC was also the bond issuer for the $50 million, 4 percent tax credit and private activity bond financed property. The Travis County Commissioners’ Court has also been actively supportive in increasing the number of affordable housing units in the city. Their support is evidenced by their participation as a partner in the development.


As population growth continues to surge in Austin, TWC helps to ease the affordable housing crisis happening in the area. The city of Austin’s population is currently projected to increase at an annual rate of approximately 2% and more than 135,000 hous- ing units—both market-rate and below market-rate—may be needed to reduce Austin’s overall share of housing cost-burdened households. Residential developments such as TWC will help to meet the demand. Stay tuned for additional information on the Terrace at Walnut Creek in a future TALHFA Talk issue.


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TALHFA


Fall 2018


Talk


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