Elected officials helped celebrate the opening of an affordable multifamily housing development
The Palms on Lamar
Austin, Texas -- On December 5, 2011 The Mulholland Group along with officials from the City of Austin, Texas Department of Housing and Community Affairs and the Department of Housing Urban Development participated in a ribbon cutting ceremony for the official grand opening of The Palms on Lamar.
The completion of the renovation of this complex is the culmination of a project supported by the largest tax credit project in the United States of 2010. More than $35 million have been invested in making The Palms an extraordinary community - the first affordable community in Texas to be completely Wi-Fi accessible, ADA accessible, have a brand new learning center, a state of the art fitness center and a community room for families and neighbors to gather for social events.
"The Palms on Lamar is the most luxurious affordable housing community we have developed in our twenty year history. We look forward to not only housing Austinites but improving their overall well being by accessing our educational, national and health care programs. The Palms is an extraordinary example of how an old tired and distressed project can be revitalized into vibrant thriving asset to the community surrounding it" said Royce Mulholland, President & CEO of The Mulholland Group.
The investment includes $15.4 million in tax credits from the Texas Department of Housing and Community Affairs and $3 million from the City of Austin Affordable Housing GO Bonds. "The City's investment of General Obligation Bond Funds, which was less than ten percent of the total project cost, has provided a substantial return to the community. We've preserved 476 units of affordable housing for the long term, and at this particular location, residents have easy access to transportation, retail services, and employment. The property has been transformed into an attractive and desirable place to live, and I feel very good that the City was able to play a role in this" said Mayor Lee Leffingwell.
The newly revitalized community includes a partnership with Front Steps, a local non-profit organization working to restore hope, housing and education to Austin's homeless population. The Palms is now home to approximately fifteen program participants of Front Steps. In addition, the U.S. Hispanic Contractors Association of Austin donated equipment, materials, labor and construction to build a new soccer field for the community's family and children.