AUSTIN (KXAN) -- Austin is now a major step closer to opening up a new permanent supportive housing community in north Austin.
The nearly completed Balcones Terrace Community will provide 123 housing units for single adults who are experiencing homelessness or living on extremely low incomes, according to a news release from Foundation Communities.
The development is a newly renovated four-story hotel, and it's located near MoPac Expressway and Capital of Texas Highway, the release said.
“We are excited to be opening Balcones Terrace,” said Foundation Communities Executive Director Walter Moreau in the release. “It will provide a home for 123 of our neighbors who have struggled to find housing they could afford in Austin, as well as a supportive community.”
A ribbon cutting was held to celebrate the planned opening of the community, and city of Austin Mayor Kirk Watson spoke at the event Wednesday on how the property will changes lives for the better.
"This is not just a roof over a head. It is a new chance. It is hope. It is stability. It's love that otherwise would be lost," he said.
People there will have access to an on-site food pantry, community kitchen and case management services, the release said.
Foundations Communities agreed to a 55-year lease for the community, the release said.
The city contributed $10 million to the Balcones Terrace Community in 2022. Voters authorized a $350 million bond for affordable housing facilities around the city, including this one.
Over the past five years, voters have given the green light for the city to use $600 million for affordable housing. Those are all bond dollars, so that gets paid back through property taxes.
