Wednesday, September 16, 2009

Franklin Gardens Groundbreaking Sept. 26

You are invited to a Groundbreaking Ceremony at 11 a.m. Saturday, Sept. 26, 2009, to highlight Franklin Gardens, a 22-unit affordable rental housing facility for low-income elderly persons.

Nearly three years ago the Chestnut Neighborhood Revitalization Corporation (CNRC) analyzed the market and found that senior affordable housing is one of the biggest market demands. CNRC then created the vision for this project, sought the funding and will be the developer and owner of the project.

The development is the Franklin Gardens Senior Housing facility. The City contributed $1 million toward the project in the form of a Rental Housing Development Assistance program loan using GO Bond proceeds. NHCD is working with Sarah Andre, S2A Development Consulting, to coordinate the ceremony.

-Saturday, Sept. 26

-Time: 11 a.m.

-Location: Site of the development at the corner of East MLK and EM Franklin -Participants include Reverend Joseph C. Parker, project sponsors/donors -A small reception will follow a short news conference and photo opportunity


Project Background:

The facility will be on 1.02 acres currently owned by the City of Austin/Austin Housing Finance Corporation (AHFC) and located at the corner of East Martin Luther King, Jr. Boulevard and E. M. Franklin Avenue.

The property was City of Austin surplus property that was transferred to the AHFC for the development of affordable housing. To facilitate its development, the AHFC issued a Request for Proposals (RFP) in April 2007. A $1M Rental Housing Development Assistance program loan using GO Bond proceeds was approved by the AHFC Board on 4/30/09.

The property is owned by AHFC and is leased to Chestnut NRC for the development of the 22-unit HUD Sec 202 grant-funded elderly project. AHFC will retain ownership of the land and CNRC will own the improvements. Closing of the HUD grant and AHFC funds is scheduled for this Tuesday, 9/15.

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