DANA Hosting Discussion On Affordable Housing (Thursday February 16th)

DANA Hosting Discussion On Affordable Housing (Thursday February 16th)

foundation communities site for capitol terrace

With the proposed Foundation Communities development needing support of the neighborhood, DANA invites its membership to come out for a special presentation by the CEO of Foundation Communities and a discussion on development proposed for 11th & Trinity Street that would be the first affordable housing project proposed Downtown in over 45 years and which will include Permanent Supportive Housing. DANA board members will be looking for feedback on the design and operational proposals.

When: Thursday, February 16th, 6pm 
Where: St. Mary’s Cathedral, Bishop’s Hall, 203 E 10th St  Austin, Texas 78701

More Info

 

Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin

Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin

foundation communities site for capitol terrace

Foundation Communities site for Capitol Terrace 11th @ Trinity

Walter Moreau is a developer with a unique vision.

Walter’s vision is to bring housing into downtown Austin for people who earn $15.00 per hour, or less.

Say what?!

Proposed is a 135 efficiency-style apartment building (for rent) at the southwest corner of 11th & Trinity.  The site is currently a surface level parking lot.  It is intended that 27 of the units will be reserved for people with absolutely no income, specifically clients of Caritas, Trinity Center, ARCH, and the Salvation Army.

Musicians can afford it.  Many downtown workers, including State employees can afford it.  Veterans on disability can afford it. Initially, the average rent would be between $400-650 per month, all bills paid.

Walter is the Executive Director of Foundation Communities (FC), a nonprofit affordable housing developer.  FC has a track record of success.  Established in 1990, FC is owner and manager of 13 communities all around Austin and built with support of local neighborhood associations. They are a long term owner, have never sold one of their properties, and claim they never intend to.  Last year FC opened M Station on MLK: the first LEED for Homes Platinum apartment building in the entire country!

foundation communities site for capitol terrace

Foundation Communities site for Capitol Terrace 11th @ Trinity

Here’s the rub: FC cannot build an affordable housing community without the express support of the immediate neighborhood association.  In this case, it’s either DANA or the DAA.

I was invited by FC to tour their other buildings, which was needed because I wasn’t really educated about affordable housing.  Elliott McFadden, the communications director for FC (also the publisher of Austin On Two Wheels), succinctly explained what affordable housing isn’t.   [Read more…]

Budare’s Serves Breakfast To Rainey Street Residents Hungry For More

Budare’s Serves Breakfast To Rainey Street Residents Hungry For More

The newest addition to Rainey Street’s eclectic mix of repurposed bungalows is a backyard trailer named Budare’s serving … drum roll… BREAKFAST!

The sign has been up for a couple of weeks, but it was the sight this morning of my vacant refrigerator that got me motivated to walk 100 yards to a warm meal.

I ordered two visayas tortas with turkey and a bottle of water.  $9.50 total and worth every penny on this cold morning.

It’s news anytime something other than a bar opens on Rainey Street and Budare’s modest menu is a welcome addition.

Budare’s is on the way to work for many of you at Milago Condos, the Shore Condos, or the Windsor apartments.  You can check them out at 75 Rainey Street.  EZ street parking in the morning from 6AM to 10AM.  BONUS: you can call in your order at 512-487-6791. [Read more…]

Lease Restrictions: A Noble Idea That Can Backfire On Owners

Lease Restrictions: A Noble Idea That Can Backfire On Owners

Lease restrictions are typically birthed with noble intent – to foster owner-occupancy and ensure that buyers can get loans for properties within the community.

When new lease restrictions are forcibly applied to limit rental activity in buildings and neighborhoods, it is a taking of property rights which can set off litigation from disgruntled owners.

This issue has impacted me as a property owner, and I’m familiar with the emotions and frustrations felt by advocates and antagonists to lease restrictions.  A recent situation with a buyer was frustrating enough that I want to share my experience (which is not unique) about how lease restrictions can adversely impact current owners, sellers, and buyers.

Lease restrictions will do two things, guaranteed:

1) limit the number of renters in a community
2) limit the number of buyers for properties within a community

[Read more…]