Dominium Announces the Land Acquisition for Sage at Franklin Park in Austin
Sage at Franklin Park will be the developer’s seventh new affordable housing project in Texas and add 276 new home
Dominium, a leading affordable housing owner, developer and manager, announced today it has closed a deal to acquire land for the development of Sage at Franklin Park, a new community of affordable apartment homes.
Sage at Franklin Park is located at 4605 S. Pleasant Valley Road in Austin, Texas. Once constructed, the community will provide 276 affordable apartment homes for families with modest incomes, adding needed affordable homes to the City of Austin’s housing supply.
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.