Notional Development Partners is bringing affordable housing to a high-priced South Austin pocket.
The local developer plans a mixed-use development with 110 apartments at 600 Cumberland Road, and half of the units will be reserved for residents earning between 50 percent and 80 percent of Travis County’s median income, the Austin American Statesman reported.
For residents in the affordable units, rent will be capped at 30 percent of their gross income, with starting rates as low as $1,103 for an efficiency unit. Market-rate rents will range from $1,500 for a studio to over $3,000 for two-bedroom apartments. For a single person, 80 percent of the median income is $68,500, and 50 percent is $44,100.
Capital Impact Partners is financing the development. The cost of the project wasn’t disclosed, and subsidies weren’t mentioned.
The average rent within a mile of the site is $1,715 per month, higher than the citywide average of $1,593, said Sarah Ransome, a Capital Impact Partners senior loan officer.
The developer wants the project to cater to essential workers, like teachers and medical professionals, who are increasingly priced out of central Austin and forced to relocate to the suburbs due to rising rents.
“Our community’s backbone deserves to live where they work,” Notional’s founder Chris Affinito said.
The project, in the Dawson neighborhood of South Austin, is expected to offer amenities, including a pool, fitness center and underground parking. All units within the eight-story building, regardless of price, will feature high-end finishes and fixtures.
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Notional is also working on other affordable housing projects in Austin, including a 101-unit development in Montopolis and 348 units in East Austin. Both will reserve a significant portion of units for affordable housing.
— Andrew Terrell