New Apartments on 51st and Avenue F (Austin, Mason: real estate, foreclosed)

[pwbrewer87]

Does anyone know anything about the apartments going up on 51st street, just west of avenue F? (near the Triangle and UT intramural fields). The sign says something about fair mortgage housing or something, but I can't find any information about it online and was wondering what that meant!

[pwbrewer87]

To give more information, it's called "relaxed luxury living" but also has a sign saying something to the effect of government mortgage fair housing? Now I'm really confused! Maybe it's one of those developments like the one on Manor that's a mixture of regular apartments and low-income apartments? I think it's called something like Waller creekside on 51st street?

[centralaustinite]

It is called Waller Creekside on 51st. Looks like the whole project will be at market rates.

Is this the type of information you were looking for?

Waller Creekside on 51st will be a four story, 149 unit luxury apartment community located on 51st Street in downtown Austin. MJC obtained a $14,755,300 40 year construction and permanent loan using HUD's 221(d)(4) mortgage insurance program. Closed October 2012.

Mason Joseph Company / Home

[pwbrewer87]

Nevermind, I found it. It's on page 20. ftp://ftp.ci.austin.tx.us/GIS-Data/p.../ep2012det.pdf

40% of the 139 apartments will serve those who are "at or below 80% Median Family Income". Does that mean families who make less than 80% of the median family income will be eligible? 80% seems like a pretty high threshold if so.

[10scoachrick]

I drove by on Friday when headed out to Staples. I was noticing the tennis courts more than the buildings, but caught a glimpse of what looked like modular SFHs . Is that what you're talking about? They are very closely set to 51st.

[pwbrewer87]

Yep, those are the ones! Right before Avenue F if you're heading east on 51st. I normally probably wouldn't even had noticed them, but there are so many units jammed into such a small area that it caught my eye-- that and the big sign saying "government mortgage housing" which was a phrase I hadn't run across before (I thought maybe it might be something interesting like helping out people who had their houses foreclosed on).

[10scoachrick]

Originally Posted by centralaustinite

It is called Waller Creekside on 51st. Looks like the whole project will be at market rates.

Is this the type of information you were looking for?

Waller Creekside on 51st will be a four story, 149 unit luxury apartment community located on 51st Street in downtown Austin. MJC obtained a $14,755,300 40 year construction and permanent loan using HUD's 221(d)(4) mortgage insurance program. Closed October 2012.

Mason Joseph Company / Home

Dang! They moved 51st St downtown? I gotta get out of Avery Ranch more often!

[centralaustinite]

Originally Posted by 10scoachrick

Dang! They moved 51st St downtown? I gotta get out of Avery Ranch more often!

ha!! I didn't even notice that good catch!! I remember when folks would complain loudly about anything north of 45th being called Hyde Park! And now it is all downtown?! I live closer than that to downtown from the south, I guess I am enjoying "downtown living."

[ImOnFiya]

I remember watching this case with the Planning Commission on City of AUstin Ch. 6, the Hyde Park neighborhood association was in favor, but a splinter group of neighbors of from the upper portion of Hyde Park by North Loop were against, including the 7- year old luxuxy apartment/condo complex up the street on 51st. The 80% MFI was negotiated with the neighborhood before Planning Commission.

Even though the latest affordable housing bonds passed this month, most Austin neighborhood associations balk at any MFI lower than 80%. When the project is complete, expect students, professionals, artists, and the occasional actual poor/disabled person or family (probably less than 5%= about 2 units). The neighborhood typically won't any have difference to look and feel of the neighborhood terms of its citizens - which is what 80% MFI achieves. Less than a drop in the bucket in terms of affordable housing.

[pwbrewer87]

Originally Posted by ImOnFiya

I remember watching this case with the Planning Commission on City of AUstin Ch. 6, the Hyde Park neighborhood association was in favor, but a splinter group of neighbors of from the upper portion of Hyde Park by North Loop were against, including the 7- year old luxuxy apartment/condo complex up the street on 51st. The 80% MFI was negotiated with the neighborhood before Planning Commission.

Even though the latest affordable housing bonds passed this month, most Austin neighborhood associations balk at any MFI lower than 80%. When the project is complete, expect students, professionals, artists, and the occasional actual poor/disabled person or family (probably less than 5%= about 2 units). The neighborhood typically won't any have difference to look and feel of the neighborhood terms of its citizens - which is what 80% MFI achieves. Less than a drop in the bucket in terms of affordable housing.

That's what a friend of mine in real estate told me was the typical effect of these kinds of places.