NeighborWorks Capital and Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today an investment of $2 million in grant funding to support the development and rehabilitation of two critical affordable housing communities in Austin, Texas. This award, from FHLBank Atlanta’s Affordable Housing Program General Fund, will help build and rehabilitate 227 supportive housing units through two projects: Balcones Terrace, a hotel conversion in northwest Austin, and Burleson Studios, a new construction development in southeast Austin.
This $2 million grant, provided through FHLBank Atlanta’s member, NeighborWorks Capital, is part of a larger $64 million investment leveraging public and private sector financing. The projects are sponsored by local nonprofit Foundation Communities, an experienced developer and operator of supportive housing in Austin.
Balcones Terrace, originally constructed as a hotel in 2000, will be converted into 123 efficiency apartments for extremely low-income individuals, many of whom are exiting or at risk of homelessness.
The community will include durable, energy-efficient appliances and robust on-site amenities, including 24-hour staffing, a food pantry, computer room, and spaces for socialization and supportive services.
Burleson Studios, Foundation Communities’ tenth supportive housing project, will feature 104 newly constructed affordable housing studio units. Co-located with Mobile Loaves & Fishes upcoming Community First! Village, residents will benefit from a shared ecosystem of services that promote housing stability, mental and physical well-being, and community integration.
“The need for safe, stable, and affordable housing has never been greater,” said Jim Peffley, Chief Executive Officer at NeighborWorks Capital. “Innovative projects like Balcones Terrace and Burleson Studios provide more than housing – they offer hope, stability, and a stronger future for individuals and communities. We’re honored to partner with FHLBank Atlanta and Foundation Communities to help bring these transformative projects to life.”
“FHLBank Atlanta’s General Fund is designed to support a range of affordable housing projects, as demonstrated by the two unique initiatives receiving this funding through NeighborWorks Capital,” said Kirk Malmberg, president and CEO of Federal Home Loan Bank of Atlanta. “We are proud to provide the grant funding that our members like NeighborWorks Capital can leverage as they work with local community partners and developers to strengthen communities.”
Balcones Terrace and Burleson Studios were selected in December 2024 as part of FHLBank Atlanta’s Affordable Housing Program General Fund awards, which provided $55 million in grants to support the development or rehabilitation of 4,200 affordable housing units. For a complete list of awards, click here.
About NeighborWorks Capital
For more than 25 years, NeighborWorks Capital, a national non-profit, certified Community Development Financial Institution (CDFI), has served the NeighborWorks America network of nearly 250 strong, capable non-profit housing and community development organizations in every state, District of Columbia, and Puerto Rico. Since its inception, NeighborWorks Capital has deployed over $570 million in loan capital to support the affordable housing development, economic development, neighborhood revitalization, and community services work of NeighborWorks organizations across the country. S&P Global Ratings, the world’s leading provider of independent credit ratings, assigned NeighborWorks Capital an issuer credit rating of “A+/Positive,” citing key strengths in capital adequacy, profitability, liquidity, and financial management. NeighborWorks Capital is a member of the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions (CDFIs), and insurance companies that offer competitively priced financing, as well as affordable housing and community development grants. NeighborWorks Capital has been Aeris-rated since 2011 and currently holds a three-star Impact Management rating, showing strong alignment of impact mission, strategies, activities, and data that guide lending, programs, and planning. The organization also holds an AA Financial Strength and Performance Rating, indicating strong financial capability, performance, and risk management practices. For more information, visit: https://www.neighborworkscapital.org.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households. For more information, visit www.fhlbatl.com.
