The Loretta, a new affordable housing apartment complex, opens in northwest Austin

Several community leaders celebrated the opening of a new affordable housing complex in northwest Austin Wednesday.

AUSTIN (KXAN) -- Several community leaders celebrated the opening of a new affordable housing complex in northwest Austin Wednesday.

The Loretta Apartments, located at 13649 Rutledge Spur, will offer 137 units at or below 60% of the median family income (MFI), according to the city. The Loretta is located near the Lakeline Station of CapMetro’s Red Line. 

The Loretta complements its sister property, Lakeline Station Apartments, which is located just down the road.

Several community leaders, listed below, were at the ribbon-cutting Wednesday, celebrating the complex's opening.

• Mandy DeMayo, Interim Director of the City of Austin Housing Department  
• Mackenzie Kelly, Austin City Council Member, District 6
• Walter Moreau, Executive Director, Foundation Communities
• Glenda Dennis, Resident of The Loretta
• Christopher Rios, Regional Vice President of Philanthropy and Community Impact, Wells Fargo
• Bobby Wilkinson, Executive Dir, Texas Department of Housing and Community Affairs

Children at The Loretta will have access to an onsite playground and ball court and free after-school and summer learning programs at Lakeline Station’s Learning Center next door. The center also offers fun fitness activities, a Healthy Food Pantry, plus nutrition education to help fight childhood obesity. 

“AHFC is proud to partner with Foundation Communities to serve families in Austin,” said James May, Housing and Community Development officer for the Housing Department. “As phase 2 of an established multi-family property, located close to the Lakeline Transit Station, this development will provide 137 families greater access to transit, food, jobs, and entertainment. Children and families here are set up to succeed.” 

The complex, owned and operated by Foundation Communities, took about two and a half years to construct and cost $34.5 million. Funding came from several sources, including:

• $3.98 million in AHFC debt financing through the Rental Housing Development Assistance (RHDA) program
• $4 million from the City of Austin’s General Obligation housing bonds
• $15 million in tax credits approved by the Texas Department of Housing and Community Affairs (TDHCA), for which Wells Fargo was the investor. Wells Fargo also provided construction and permanent loans.  

The Loretta also received funding from the Low-Income Housing Tax Credits (LIHTC), Federal Home Loan Bank of Dallas, St. David’s Foundation, and the Capital Magnet Fund.

According to the city, the multi-family development will offer 42 one-bedroom, 64 two-bedroom and 31 three-bedroom units. Fifty percent of the units (69) will serve households at or below 50% median family income (MFI), while 40% of the units (54) will serve households at or below 60% MFI. The remaining 10% of the units (14) will serve households at or below 30% MFI and are set aside for at-risk or homeless families as part of Foundation Communities’ Children’s HOME Initiative – a 24-month case management program that connects families with housing and support services.