Residences offer active seniors quality living and on-site amenities, close proximity to shops and restaurants
AUSTIN, TX – The City of Austin Housing Department is happy to announce the opening of a new senior housing community called Arbor Park. The affordable multi-family development is for active seniors 55 years and up and is comprised of 1- and 2-bedroom units. It is located on the city’s northwest side at 6306 McNeil Drive in District 6. The community is the result of a collaboration between developer, DMA Development Company, LLC, and the Austin Housing Finance Corporation (AHFC).
The four-story, elevator served multi-family development has 147 units, the majority of which will be reserved for households at or below the 80% median family income (MFI). The income breakdown for the units are as follows: 12 units reserved for households at or below 30% MFI; 48 units reserved for households at or below 50% MFI; 60 units reserved for households at or below 60% MFI; and 27 units with no income restrictions/at market value.
“We are thrilled to have another community designed to fit the needs of active seniors living in Austin. Finding quality affordable housing for seniors can be challenging. Arbor Park provides affordable housing options for an often-overlooked population,” says Mandy DeMayo, Interim Director for the Housing Department.
JoEllen Smith, Executive VP of DMA Development Company, LLC, says it’s often difficult for seniors to find quality affordable housing.
“Developments like Arbor Park’s affordable 55+ community in Austin are essential because they provide high-quality, stable housing for older adults who are often priced out of the market,” Smith explains. “As housing costs continue to rise, many seniors — whether on fixed incomes or still working — struggle to find safe, accessible, and community-oriented living options that meet their needs.”
Amenities at the multi-family property include a community room, fitness center, library/game room and theater. The units also have attractive standard amenities such as nine-foot ceilings, washer/dryer hookups, vinyl plank flooring, carpet, appliances and miniblinds. Arbor Park is located about a mile from restaurants, places of worship, the Rattan Creek Community Center and Park, Northwest YMCA of Austin, and shops, including H-E-B.
Community room at Arbor Park Apartments. Photo courtesy of DMA Development Company, LLC
Counting the costs
The community's construction was made possible through funding from multiple sources, including $14.09 million in tax credit equity and a $2.2 million Housing Trust Fund loan provided by the Texas Department of Housing and Community Affairs (TDHCA), utilizing the 9% tax credit program. Under this program, tax credits are awarded to developments, enabling developers to exchange these credits with investors for equity investments, typically covering 70% of the total development costs.
Smith says the LITHC funding was the foundation of the development, enabling it to offer below-market rents while “maintaining high-quality housing” and amenities for seniors. Chase Bank and NEF (National Equity Fund) were financing partners on this development.
Additionally, the development received $2 million from the Austin Housing Finance Corp. (AHFC), which was provided through the Rental Housing Development Assistance (RHDA) Program using 2022 General Obligation (GO) Bonds.
“The success of Arbor Park Austin would not have been possible without critical funding support from the City of Austin and the Housing Tax Credit program. The $2 million in gap funding from the City played a crucial role in bridging financial shortfalls, ensuring that the project could move forward despite rising construction costs and market challenges,” she adds. “These funding sources were essential not just in bringing this project to life, but in ensuring that it remains a long-term, sustainable solution for Austin’s growing senior population in need of affordable housing.”
Construction on Arbor Park started in November 2021 and was completed in September.
About the City of Austin Housing Department
The City of Austin Housing Department provides equitable and comprehensive housing solutions, community development, and displacement prevention services to enhance the quality of life of all Austinites. To access affordable housing and community resources, visit www.austintexas.gov/housing.
About the Austin Housing Finance Corporation
The Austin Housing Finance Corporation (AHFC) was created as a public, non-profit corporation and instrumentality of the City of Austin. The mission of the AHFC is to generate and implement strategic housing solutions for the benefit of low- and moderate-income residents of the City of Austin.
About DMA Development Company, LLC
DMA Development Company, LLC is a boutique real estate firm specializing in the development and management of affordable and special needs multifamily housing properties. It brings affordable and special needs housing to communities nationwide by utilizing the various private, state and federal financing options. Its solid corporate structure enables it to provide the highest quality housing communities, while optimizing performance and achieving financial objectives.