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Bringing Affordable Housing to Austin, TX

For nearly four decades, Mercy Community Capital (MCC) has been supporting socially responsible developers by financing the development of single- and multi-family homes, both rental and homeownership, for low-income residents. These developments support a variety of people, including families, seniors, farmworkers, and people exiting homelessness.

In 2021, using its new high loan-to-value product, MCC provided a $1.48 million land acquisition loan to CoBe Holdings, LLC for Saison North Apartments in Austin, Texas. This loan was brought to MCC by O-SDA Industries, LLC. With a focus on working with diverse organizations, MCC partnered on this loan with Raza Development Fund, a minority owned and run Community Development Financial Institution. Additionally, O-SDA Industries is a minority business enterprise, women business enterprise, and a Texas certified historically under-utilized business.  

The City of Austin has determined the need to build at least 135,000 additional housing units over the next 10 years, with a large number being affordable units. Saison North Apartments will help to meet this goal, providing 43 market rate units and 73 affordable units for families with incomes at or below 30%, 50%, and 60% of the area median income. Thirteen units will provide accessibility to those with mobility, hearing, and/or visual impairments. Onsite amenities will include a clubhouse with fitness center, gathering area, offices, and a cyber lounge. In addition, there will be a swimming pool, outdoor barbeque stations, picnic tables and a children’s playscape.

Saison North Apartments and similar developments across the United States are made possible through MCC’s partnership with like-minded organizations that are dedicated to meeting the need for stable, affordable housing for families in need. None of these developments would be possible without the support of MCC’s investors and donors who share the mission of transforming lives through affordable housing.

Jason Battista
President
Mercy Community Capital

Jaime Gomez

MCC Board Chair

Deputy Executive Director, CHFA