Foundation Communities received certification to move residents into Balcones Terrace in September, and that process will begin this month.The permanent supportive housing community will be home for 123 single adults who are transitioning from homelessness or are living on extremely low and fixed incomes such as veterans and seniors. The development near MoPac and Capital of Texas Hwy in North Austin was a two-building, four-story extended stay hotel which we have redesigned and renovated. The Austin Housing Finance Corporation (AHFC) owns the property and has executed a 55-year lease agreement with Foundation Communities as the long-term manager and service provider.
“We are excited to be opening Balcones Terrace,” said Foundation Communities Executive Director Walter Moreau. “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.”
Following Foundation Communities’ housing + services model, residents of Balcones Terrace will have access to various on-site services and amenities, including case management, a food pantry, community room, courtyard, community kitchen, exercise room, computer lab, and TV room. Fifty project-based vouchers from the Housing Authority of the City of Austin (HACA) have been awarded to Balcones Terrace to serve individuals who have experienced chronic homelessness.
The conversion of Balcones Terrace was possible thanks to a combination of funding sources. This includes $10 million from the City of Austin and $10 million from Community Development Block Grant (CDBG) funding from the US Department of Housing and Urban Development (HUD).
On August 7, Mayor Kirk Watson and other City of Austin and HUD officials spoke at a ribbon cutting ceremony for Balcones Terrace. This event will also celebrate the 50th Anniversary of the CDBG program which has awarded Austin more than $350 million for low-income housing and economic opportunities. Mayor Watson said this is more than just a roof over heads, but a new chance, hope, stability and love that otherwise would be lost. You can learn more about Balcones Terrace and watch video of the entire ribbon cutting ceremony below.