The City of Austin Housing Department announced the groundbreaking of Iris Gardens, a new affordable senior living community. Developed through a partnership between local nonprofit Family Eldercare and developer Vecino Group, this 150-unit building will provide opportunities for community members who often face barriers to securing affordable housing.
Located at 1013 Montopolis Drive, in East Austin’s District 3, Iris Gardens will offer a mix of one- and two-bedroom apartments to households at or below 30 percent, 50 percent and 60 percent of the area median income. Almost half of the units (approximately 65 flats) will be designated as permanent supportive housing for individuals exiting homelessness. 15 vouchers will be available for US military veterans.
Estimated construction costs for the Iris Gardens development are about $50 million. Key funding sources include the Austin Housing Finance Corporation (AHFC) through the Rental Housing Development Assistance (RHDA) program, which is financed by General Obligation (GO) Bonds and the Downtown Density Bonus Program. Move-in is slated for 2027.
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