AUSTIN, TX – The City of Austin Housing Department celebrated the grand opening of Saison North in District 7 at 10010 N Capital of Texas Highway. In partnership with O-SDA Industries, Saigebrook Development, and Hunt Capital Partners, the five-story, elevator-serviced, mixed-income housing development includes 116 units. The new community expands affordable housing opportunities in Austin, with 70% of the units reserved for households earning at or below 60% Median Family Income (MFI) and 30% available at market rate.
“Saison North is the result of a creative and collaborative vision,” explained Mandy DeMayo, Interim Director for the Housing Department. “The community includes 116 new affordable, energy-efficient units, which will provide access to numerous employment opportunities in the immediate area. We are so excited to be part of the collaboration that made this development a reality.”
Hunt Capital Partners syndicated $15 million in federal Low-Income Housing Tax Credits (LIHTCs) through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 43. Lenders included Bank OZK, which provided a $19.5 million construction loan and JPMorgan Chase, which provided a $12.9 million permanent loan. Other financing sources included a $2.4 million construction-permanent loan from Travis County, a $6.2 million soft loan from Austin Housing Finance Corporation, and a $375,000 soft loan from Texas State Affordable Housing Corporation.
“Hunt Capital Partners is grateful for the opportunity to partner with O-SDA Industries and help advance the supply of affordable housing for low-income families in Austin,” said Hunt Capital Partners Acquisitions Senior Director Omar Chaudhry. “Saison North not only provides a much-needed affordable home for Austin families but also offers a range of community-focused amenities where residents can flourish through supportive services, local artwork, and energy-efficient fixtures.”
“We are thrilled to be able to provide 116 units of affordable housing in such a desirable location that is near so many employment opportunities for our residents,” said Megan Lasch of O-SDA Industries.
Situated on the former site of Austin’s NXNW Brewery, Saison North repurposes elements from the previous structure into its overall design. O-SDA Industries collaborated with four Austin-based artists to transform the original NXNW Brewery signs into unique works of art displayed throughout the property to pay homage to the site’s history and foster a sense of community.
Saison North introduces 48 one-, 44 two-, and 24 three-bedroom homes equipped with modern amenities including granite countertops, resilient flooring, tiled kitchen backsplashes, tiled tub surrounds, and connections for cable and internet. Residents have access to various high-quality community amenities such as a fully furnished clubhouse with a community kitchen, fitness center, business center, leasing center, bicycle parking, and complimentary Wi-Fi in all common spaces.
Built to meet National Green Building and Austin Energy Green Building certifiable standards; Saison North represents O-SDA Industries’ efforts toward developing environment-friendly housing. The community integrates amenities that improve energy conservation including Energy Star appliances; high-efficiency lighting; and low-flow plumbing fixtures. Additionally; Saison North offers various services ranging from childcare to adult support provided by Portfolio Resident Services free of charge.
The Austin Housing Finance Corporation thanks all partners who helped make Saison North possible. Resources for affordable housing are available online at www.austintexas.gov/housing.
About:
- The City of Austin Housing Department: Provides equitable housing solutions enhancing quality life.
- The Austin Housing Finance Corporation: Generates strategic housing solutions for low- & moderate-income residents.
- O-SDA Industries: Develops affordable housing communities tailored to city needs since 2011.
- Saigebrook Development: Creates exceptional affordable housing developments since 1996.
- Hunt Capital Partners: Specializes in tax credit syndication since its inception in 2010.