LIIF Invests in 288 Units of Stable Housing in the Least Affordable Major US City
LIIF recently provided a $2.1 million loan to AMTEX Multi-Housing LLC for the acquisition of land to build Meadow Apartments, 288 units of affordable housing in Travis County, TX. Fifteen of the units will be leased to tenants at or below 30% of the median family income (MFI). The rest of the units will be marketed at or below 50% to 60% of MFI.
In addition to homes, the property will include landscaped courtyards and lawns, a swimming pool, fitness center and activity room.
Meadow Apartments will be eight miles outside of downtown Austin and two miles from Austin International Airport. The area has been developing rapidly as the influx of companies caused significant population growth in Austin. There is a growing demand for housing and for affordable rental housing in particular. From 2019 to 2020, housing inventory in the Austin Metro area fell 16% as average home prices hit record levels. Meanwhile, a recent study revealed that Austin is the least affordable major U.S. city for minimum wage employees, illustrating the immediate need for developments affordable to low wage workers and families.