AUSTIN, TX – The City of Austin Housing Department announces the opening of the Loretta, a Foundation Communities development with support from the Austin Housing Finance Corporation (AHFC). The new community is located at 13653 Rutledge Spur, on the city’s Northwest side in District 6. The SMART Housing development will offer 137 units at or below 60 percent of the median family income (MFI). The Loretta is located near the Lakeline Station of CapMetro’s Red Line. 

“We’re excited to have this beautiful community expand housing options for families in Austin,” explains Mandy DeMayo, Interim Director of the Housing Department. “The energy-efficient homes, on-site amenities, and close proximity to transit at the Lakeline Station, make The Loretta an attractive addition in helping meet our affordable housing goals as a City. This collaboration with Foundation Communities and depth of funding partners demonstrates how critical it is to work together to create opportunities at all income levels.”  

The multi-family development will offer 42 one-bedroom, 64 two-bedroom and 31 three-bedroom units. Fifty percent of the units (69) will serve households at or below 50% median family income (MFI), while 40% of the units (54) will serve households at or below 60% MFI. The remaining ten percent of the units (14) will serve households at or below 30% MFI and are set aside for at-risk or homeless families as part of Foundation Communities’ Children’s HOME Initiative – a 24-month case management program that connects families with housing and support services.  

“We are excited to welcome home families to The Loretta,” said Foundation Communities Executive Director Walter Moreau. “We are grateful to provide a beautiful new community where families can find support and success. The ribbon cutting is our chance to celebrate and thank all the people that helped to make this new community possible.” 

Helping those at risk

The Loretta complements its sister property – Lakeline Station Apartments - which is located just down the road. Children living at The Loretta will have access to an onsite playground and ball court as well as free after-school and summer learning programs at Lakeline Station’s Learning Center next door. The center also offers fun fitness activities, a Healthy Food Pantry, plus nutrition education to help fight childhood obesity. 

“AHFC is proud to partner with Foundation Communities to serve families in Austin,” said James May, Housing and Community Development officer for the Housing Department. “As phase 2 of an established multi-family property located close to the Lakeline Transit Station, this development will provide 137 families greater access to transit, food, jobs, and entertainment. Children and families here are set up to succeed.” 

Caption: Photo of The Loretta courtesy of Foundation Communities.

Construction of The Loretta took 2.5 years to complete at $34.5 million dollars. Its funding came from a variety of sources including $3.98 million in AHFC debt financing through the Rental Housing Development Assistance (RHDA) program, $4 million from the City of Austin’s General Obligation housing bonds and $15 million in tax credits approved by the Texas Department of Housing and Community Affairs (TDHCA), for which Wells Fargo was the investor. Wells Fargo also provided construction and permanent loans. The Loretta also received funding from the Low-Income Housing Tax Credits (LIHTC), Federal Home Loan Bank of Dallas, St. David’s Foundation, and the Capital Magnet Fund.  

For more information on affordable housing in Austin, visit www.austintexas.gov/housing.  

About the City of Austin Housing Department

The City of Austin Housing Department provides equitable and comprehensive housing, community development, and displacement prevention 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 Foundation Communities

Foundation Communities is an Austin-based, homegrown nonprofit. Founded in 1990, it provides affordable, attractive homes and free on-site support services for thousands of families, veterans, seniors, and individuals with disabilities. It offers an innovative, proven model that empowers its residents and neighbors to achieve educational success, financial stability, and healthier lifestyles. Foundation Communities owns and operates 25 affordable communities all over Austin and three in North Texas. Visit foundcom.org to learn more.