A ribbon-cutting ceremony for a new, affordable housing complex in Southeast Austin will be held on Thursday, May 12.
will celebrate the grand opening of a new multifamily, affordable housing complex called Vi Collina Apartments on Thursday, May 12.
The ribbon-cutting ceremony will be held from 4-6 p.m. at 2401 East Oltorf Street. The celebration will include property tours, light refreshments and featured guests including City Councilmember Sabino "Pio" Renteria, Housing & Planning Director Rosie Truelove and Citi Community Capital Director Carrie Lee.
The Vi Collina complex is made up of four buildings and 170 units. Each building ranges from four to six stories in height. Located in the East Riverside neighborhood, the complex is 2.5 miles from downtown and provides easy access to public transportation. This affordable housing complex was made possible through the limited liability partnership between the Austin Housing Finance Corporation , Saigebrook Development, LLC and O-SDA Industries.
The city says this partnership ensured all units of Vi Collina were available at rents affordable to households making between 30-80 percent of area median income by using an integrated funding model with AHFC providing Private Activity Bonds, Rental Housing Development Assistance funding, a loan of $3.5 million and four percent Low-Income Housing Tax Credit financing.
According to the city, approximately 45 percent of the units will be affordable to households earning less than 50 percent of the Average Median Family Income for the Austin area. The rest of the units will be affordable to households at the 60, 70 and 80 percent AMFI levels.
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