The NRP group started working on The James on Grand Avenue in the far north of Austin. The complex will provide affordable housing. (Screenshot courtesy of Google Maps)
Ohio-based developer NRP Group has started construction on a new multi-family complex that will add 275 affordable housing units to the far north of Austin and Williamson County.
In a September 7 press release, NRP Group announced that it had launched its project, The James on Grand Avenue, located at 15701 FM 1325, Austin. The project site is located near the Austin border with Round Rock in Williamson County.
According to the press release, The James on Grand Avenue will offer apartments to residents earning up to 60% of the median family income in the Austin-Round Rock metropolitan area. For a one-person household, that means someone earning less than $ 41,580 per year would qualify for a unit, according to recent figures from the US Department of Housing and Urban Development.
“Austin’s population growth and housing demand have exploded in recent years as tech companies like Tesla, Apple and Samsung gravitate to the city. The need for more affordable housing for residents with moderate income profiles is extremely high, ”said Jason Arechiga, senior vice president of development for the NRP Group, in the company’s press release.
The James on Grand Avenue will consist of seven separate buildings with one to four bedroom units available for rent. The development’s facilities will include a swimming pool, fitness center, children’s center and playground, community center and more. According to the September 7 press release, the housing project will also offer comprehensive services, such as financial literacy training, first-time homeownership programs and after-school programs for children.
Rental of the James units on Grand Avenue is expected to begin in August 2022, although final completion is not expected until June 2023.
Capital Area Housing Finance Corp., which is made up of representatives from 10 central Texas counties, is partnering with the NRP Group on the project.
The project uses housing income bonds and tax credits to help finance the development of the project, according to the September 7 press release.