News and Events
The first new affordable community downtown in 45 years
Foundation Communities is excited to continue our track record of well managed, affordable efficiency apartments for single adults with the construction of Capital Studios (formerly referred to as Capitol Terrace), the first new affordable community in downtown Austin in 45 years. We have already broken ground at 11th and Trinity and plan to open the community by the fall of 2014. Please note that we will not begin leasing Capital Studios until shortly before it opens.
Features of the community will include:
- 135 efficiency apartments for single adults in the range of $400-$650/month (all bills paid)
- 24 hour monitored access to the property only available for residents and their registered guests
- Community space for residents only-- including computer lab, TV lounge, game and fitness area, and social services
- Street level walk up retail space
- Onsite, publicly accessible bikeshare kiosk at street level
- New building with the highest possible green standards
- A successful management model with over twenty years experience in Austin, including over a decade managing supportive housing apartments
- Locally owned and managed for the long run by Foundation Communities-- we have never sold one of our properties
Dick Clark Architecture has been hired as the architect for this development.
Capital Studios in the News:
- First low-income housing project in decades planned for downtown via the Austin American Statesman
- Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin via the Downtown Austin Blog
- Affordable housing project for downtown via KXAN
Why this location?
The property was formerly a surface parking lot. Due to height limitations caused by the Capitol View Corridor and the fact that the current parking rights for this property must be maintained, we believe our community was the only viable option for redeveloping this lot.
The recently adopted "Downtown Austin Plan" calls for the creation of affordable housing including permanent supportive housing. Both our general leasing and 27 supportive housing apartments at Capital Studios helps to achieve this goal.
The primary funding of the building of this community is from the sale of federal housing tax credits allocated by the Texas Department of Housing and Community Affairs as well as City of Austin bonds funding and other private fundraising.
Who is Foundation Communities?
Foundation Communities provides first class, affordable homes and free onsite support services for thousands of working families with kids, as well as veterans, seniors, and individuals with disabilities. We offer an innovative, proven model that empowers our residents and neighbors to achieve educational success, financial stability, and healthier lifestyles. We own and operate 17 properties in Austin and North Texas.