AUSTIN, Texas — City leaders will be present at the grand opening of the Vi Collina Apartments in the East Riverside neighborhood on May 12, according to an advisory. The complex is being billed as a multifamily affordable housing development, which was made possible through a limited liability partnership.
Vi Collina will be made up of four buildings ranging from five to six stories. The entire compound is roughly 2.5 miles away from the downtown area with access to public transportation options.
The partnership between these different stakeholders employed a so-called “integrated funding model,” with AFHC providing private activity bonds, rental housing development assistance funding, a loan of $3.5 million and 4% low-income housing tax credit financing. This type of financing allowed the complex to ensure its units were available at rates affordable to households making between 30-80% of the median family income (MFI.)
Roughly 45% of the units available will be affordable to households earning less than 50% of the MFI. The remaining units will be affordable to households at the 60-80 percent MFI levels.
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