Northwest Austin welcomes a new addition aimed at aiding the senior population with affordable living options. The City of Austin Housing Department has announced the opening of Arbor Park, specifically for active seniors aged 55 and above. This new affordable 55+ community is comprised of 1- and 2-bedroom units and is located at 6306 McNeil Drive. Arbor Park is a project completed in partnership with DMA Development Company, LLC, and the Austin Housing Finance Corporation (AHFC), according to a statement released by the City of Austin's official news report.
The four-story development, which includes an elevator, offers 147 units, targeting households with incomes at or below certain thresholds. Specifically, it reserves 12 units for households at or below 30% of the median family income (MFI), 48 units for those below 50% MFI, 60 units for below 60% MFI, and 27 units at market value.
Mandy DeMayo, Interim Director for the Housing Department, articulated the importance of such developments: "We are thrilled to have another community designed to fit the needs of active seniors living in Austin. Finding quality affordable housing for seniors can be challenging. Arbor Park provides affordable housing options for an often-overlooked population," she told the City of Austin news portal.
Residents of Arbor Park can indulge in amenities such as a community room, fitness center, library/game room, and theater. The units feature nine-foot ceilings, washer/dryer hookups, and vinyl plank flooring, located around a mile from local conveniences such as restaurants, worship places, and a YMCA. However, JoEllen Smith, Executive VP of DMA Development Company, LLC, explains the significance of such projects to those who find comfort in a safe and stable community-oriented living space, "Developments like Arbor Park’s affordable 55+ community in Austin are essential because they provide high-quality, stable housing for older adults who are often priced out of the market," said by the City of Austin publication.
The community's fruition was reliant on several funding sources, including $14.09 million in tax credit equity and a $2.2 million loan from the Texas Department of Housing and Community Affairs’ Housing Trust Fund. Additional support came from the Austin Housing Finance Corp., providing $2 million through the Rental Housing Development Assistance Program and 2022 General Obligation Bonds. Without the critical funding support from the City of Austin and the Housing Tax Credit program, the successful completion of Arbor Park Austin might have remained a distant dream, highlighting the importance of these contributions, as JoEllen Smith emphasized in the City's announcement.
Construction for the project began in November 2021 and wrapped up by September, signaling a prompt response to the rising need for affordable senior housing. The Austin Housing Department continues its commitment to provide equitable housing solutions, while DMA Development Company, LLC, brings its expertise in creating similar high-quality housing communities nationwide.
