Affordable housing takes many forms. From rental units to home ownership, the types of housing needed by all members of the community can vary widely. In Austin, affordable housing issues include unmet needs along every aspect of the housing spectrum. One of those needs is permanent supportive housing, which focuses on people experiencing chronic homelessness and who are better able to maintain housing stability with the availability of onsite supportive services. Organizations working to address the needs of the unhoused in Austin have identified permanent supportive housing as the city’s single greatest challenge.
Cady Lofts rendering (credit: SGI Ventures)
In 2022, Austin Community Foundation made a $2.87 million investment in Cady Lofts, a new permanent supportive housing development underway in Central Austin. The investment was in the form of a low-interest rate loan that allowed the developer, SGI Ventures, to acquire the land for the project and help reduce overall costs.
Driven by the belief that projects like Cady Lofts are crucial to addressing the homelessness crisis in our community, the Foundation has doubled down on its support. In October of this year, ACF provided an additional $2 million in the form of a 2.5 % construction loan to help lessen interest rate costs to the project.
Cady Lofts is co-developed and owned through a partnership between SGI Ventures and the Austin Affordable Housing Corporation (AAHC), the nonprofit affiliate of the Housing Authority of the City of Austin (HACA).
“HACA, and its subsidiary AAHC, are fully committed to efforts to end homelessness in Austin,” said Michael Gerber, HACA President and CEO. “Collaborative construction projects like Cady Lofts, coupled with our commitments of housing vouchers and our partnerships with city leaders, services agencies, and philanthropic partners, are essential to securing stable housing and offering social and medical services to our most vulnerable populations.”
Upon completion, Cady Lofts will provide 100 rental units for individuals who have been unhoused for more than a year. Residents will have access to a range of supportive services designed to promote wellness, recovery, and resiliency. Onsite services at Cady Lofts will be provided by Endeavors and Ending Community Homelessness Coalition (ECHO) to support residents transitioning from homelessness to stability. The services are designed to build independent living and tenancy skills and help individuals build a stronger foundation for long-term success. Cady Lofts is expected to open in 2025.
“Austin Community Foundation is committed to addressing Austin’s housing affordability issues by finding areas where philanthropy can help accelerate production of a variety of housing options in Central Texas,” said Mike Nellis, CEO of Austin Community Foundation. “Cady Lofts is one example of this work, and we look forward to seeing this project open its doors to our unhoused neighbors seeking a path toward long-term stability.”