North Austin News

The City of Austin Housing Department has recently announced the opening of The Loretta, a new affordable housing community located in Austin, Texas. The development, supported by the Austin Housing Finance Corporation (AHFC), offers 137 units at or below 60 percent of the median family income (MFI). Mandy DeMayo, Interim Director of the Housing Department, expressed excitement about the new community, stating, “We’re excited to have this beautiful community expand housing options for families in Austin." She emphasized the importance of collaboration to create opportunities at all income levels.

Foundation Communities Executive Director Walter Moreau shared his enthusiasm for the project, stating, “We are excited to welcome home families to The Loretta. We are grateful to provide a beautiful new community where families can find support and success." The Loretta aims to serve households at various income levels, with a portion of units specifically designated for at-risk or homeless families as part of Foundation Communities’ Children’s HOME Initiative.

James May, Housing and Community Development officer for the Housing Department, highlighted the benefits of the new development, stating, “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."

Construction of The Loretta took 2.5 years to complete at a cost of $34.5 million dollars, with funding from various sources including AHFC debt financing, City of Austin’s General Obligation housing bonds, and tax credits approved by the Texas Department of Housing and Community Affairs. The project also received support from organizations such as Wells Fargo, the Federal Home Loan Bank of Dallas, St. David’s Foundation, and the Capital Magnet Fund.

The Loretta is set to complement its sister property, Lakeline Station Apartments, by providing access to amenities such as an onsite playground, ball court, and learning programs. The community aims to support families and children by offering a range of services to promote educational success, financial stability, and healthier lifestyles.

For more information on affordable housing in Austin, individuals can visit www.austintexas.gov/housing. The City of Austin Housing Department and the Austin Housing Finance Corporation continue to work towards providing equitable housing solutions for low- and moderate-income residents in the city, while Foundation Communities remains dedicated to offering affordable homes and support services to individuals and families in need.