Dominium, a leading affordable housing owner, developer and manager, announced it has closed a deal to acquire land for the development of Sage at Franklin Park, a new community of affordable apartment homes.
The project will be constructed by WD Construction. Residents will enjoy access to amenities including a clubhouse, food security station with fresh produce, a fitness and business center, a pool with outdoor amenity space, community garden and a free tutoring service tailored to resident needs.
Construction of Sage at Franklin Park will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
Dominium would like to thank its development partners Freddie Mac, Merchants Capital, Colliers, Merchants Bank of Indiana, Texas Department of Housing and Community Affairs, Texas Bond Review board, Austin Housing Finance Corporation, the City of Austin, Winthrop & Weinstine, Smith Gee Studio, Kimley-Horn and Associates Inc., Braun Intertec Corporation, Commercial Partners Title, and Jackson Walker LLP.
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