Mobile Loaves will use UDF’s investment to finance the new construction of a campus providing affordable housing and supportive services for Austin’s homeless community. The project will be an integrated campus including three property types. These include 110 RV Homes, 206 Tiny Homes, and assorted non residential buildings that provide support services for residents. Both the RV Homes and Tiny Homes provide affordable housing targeted towards people who were formerly homeless. Non residential buildings will include: the Community Works Building, which will be a center for job training; an Aquaponice Building, growing fresh vegetables for residents; the Living Room Building consisting of at least 2,000 square feet will be occupied by the Sponsor and used for offices for resident care staff, conference rooms for AA meetings, and classrooms. A portion of the Living Room Building consisting of at least 1,000 square feet will be occupied by the Sponsor and include an exercise space focused on providing physical therapy and a learning-focused computer center. The remaining portion is expected to include lounge and recreational areas for residents; 7 commercial kitchen buildings; and 7 laundry/shower buildings.
UDF will provide loans totaling $7.5 million. The loans will include: a below market interest rate, lower than standard origination fees, longer amortization period, a lower than standard debt service coverage ratio, and Borrower can purchase Loans for $1,000 at the end of compliance period.
Community First Village will result in a number or community impacts. 35 new full time employees will be required to provide services. 60 residents of the community will be employed annually at the entrepreneurial hub. 265 new housing units will be provided for formerly homeless residents, with 45 additional mission units. Residential areas have community building common areas with computers, counseling space, addiction recovery meetings, therapeutic activities, case management, mental health, addiction recovery, financial literacy, legal services, and educational services. Site amenities include community kitchens and laundry/restroom/shower facilities, bus stop, community gardens, walking trails, outdoor movie theater, amphitheater, nature preserve, community meeting space, salon, art house, and wifi.
The local community is highly distressed and currently qualifies as a medically underserved area. The project will provide on site mental health services for its residents to help alleviate the shortage in this area.
Tax Credit Investor: